EU Launches €4 Billion in Funding for Clean Energy Projects Including Energy Storage

The EU has launched a grant funding opportunity worth €4 billion (USD 4.4 billion) for upstream and downstream clean energy projects, including energy storage. The grant funding will come from the EU’s Innovation Fund, which is funded by revenues from the bloc’s Emissions Trading System (ETS), a scheme which aims to make polluters pay for their greenhouse gas emissions. The new funding opportunity is split into five categories. The bulk, accounting for €2.4 billion, will be allocated to general decarbonization projects, and €1.4 billion will be allocated to cleantech manufacturing projects focused on manufacturing components for renewable energy, energy storage, heat pumps and hydrogen production. Another €200 million will go to pilot’ projects with a capex over €2.5 million focusing on deep decarbonization.

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