The European Commission is to channel €5.2bn in revenues from the Emissions Trading Scheme into clean transition technologies under the Innovation Fund.
Revenues will be directed into the Net Zero Technologies call (€2.9bn), the third auction for the European Hydrogen Bank (€1.3bn), and Industrial Decarbonisation Bank (€1bn).
The Net Zero Technologies call supports decarbonisation projects that have a significant potential to reduce greenhouse gas emissions and focuses on the manufacturing of components for renewable energy, including hydrogen production and energy storage.
The third auction under the European Hydrogen Bank is designed to provide support for the production of renewable fuels of non-biological origin (RFNBO) hydrogen or electrolytic low-carbon hydrogen across three topics; RFNBO and low-carbon hydrogen, RFNBO hydrogen only and a new topic for producers of hydrogen with maritime or aviation off takers.
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