The European Commission has announced a €4.8 billion investment in 85 innovative net-zero projects across 18 countries, selected under the 2023 Innovation Fund call for proposals. This round marks the largest financial commitment from the fund to date, significantly expanding support for clean-tech solutions across sectors like renewable energy, energy-intensive industries, carbon capture, and renewable hydrogen.

The chosen projects vary in size and sector, encompassing industrial carbon management, energy storage, and sustainable mobility. They are expected to operate by 2030, aiming to reduce Europe's carbon emissions by an estimated 476 million tonnes over the first ten years. Projects span from cleantech manufacturing in wind, solar, and electrolyser technology, to innovative solutions for hard-to-abate sectors like cement, lime, and chemical industries.

In line with the Net-Zero Industry Act (NZIA), selected projects will contribute 3 GW of solar PV and 9.3 GW of electrolyser manufacturing capacity within the EU, bolstering the region's clean energy infrastructure. In the mobility sector, funding targets the maritime and transport industries, supporting sustainable fuel production and emissions reduction technologies.

Successful applicants will formalize agreements with CINEA by early 2025. Additionally, the European Investment Bank will offer project development assistance to promising initiatives not yet ready for funding. Unfunded projects scoring above evaluation thresholds will receive the STEP Seal, an EU quality label promoting access to further financing.