Eleven Italians among zero-emission projects to receive 4.8 billion from EU Innovation Fund

Brussels – Today (Oct. 23), the European Commission selected 85 innovative zero-emission projects to receive €4.8 billion in grants from the Innovation Fund, the tool by which Brussels reinvests profits from the Emissions Trading Scheme (ETS). Eleven of the award-winning projects are Italian-led.

 The one for the 2023 proposals is the largest call since the Fund was established in 2020. The Innovation Fund is expected to guarantee 40 billion for the current decade, of which 12 billion have been mobilised so far. For the first time, the EU has allocated funding to projects of different scales (large, medium, and small, as well as pilot projects) and with a focus on cleantech manufacturing. Projects range from energy-intensive industries to renewable energy, energy storage to industrial carbon management, and zero-emission mobility to green buildings.

 “We are proud to support 85 innovative net-zero projects in 18 European countries,” European Commission President Ursula von der Leyen commented on X. The winners come from Belgium, Denmark, Germany, Estonia, Greece, Spain, France, Croatia, Italy, Hungary, the Netherlands, Austria, Poland, Portugal, Slovakia, Finland, Sweden, and Norway. Operational by 2030, the European Commission estimates that in the first ten years of operation, they “should reduce emissions by about 476 million tons of CO₂ equivalent“.

 In a note, the EU executive stressed the contribution the projects will make to Europe’s decarbonization goals toward the ambitious 2050 climate neutrality. They also aim to ” strengthen European industrial production capacity and consolidate Europe’s technological leadership and supply chain resilience.”

 The shortlisted applicants, the note continues, were evaluated by independent experts based on five award criteria: greenhouse gas emission reduction potential, degree of innovation, operational, financial, and technical maturity, replicability and cost-effectiveness. 

Of the eleven Italians, Herambiente Spa and Marcegaglia Ravenna Spa will build two carbon capture and storage plants in Emilia, Enel will lead the construction of an integrated battery energy storage system in an existing hydroelectric power plant, Compagnie Du Ponant will invest in a hybrid passenger cruise ship powered by a combination of wind, liquid hydrogen, and bio-liquified natural gas. Also winning the bid were Vision2H SpA, Italy FUTURASUN SRL, Italy Ferriera Valsabbia SpA, QARNOT COMPUTING, TAMPIERI FINANCIAL GROUP SPA, Princess Cruises Ltd. and Saras SpA.