European Commission executive vice-president Frans Timmermans
4 November 2022
EU doubles Innovation Fund to €3bn
Special focus on expanding renewables to make the bloc ‘immune to Russian energy blackmail’
The European Commission has stepped up its support for large-scale renewable energy and decarbonisation projects by doubling the budget of the EU Innovation Fund to €3bn ($2.94bn) on the back of increased revenues raised from the bloc's emissions trading system. The Commission opened the third round of the fund to applications in early November, citing a “special focus” on the priorities of its RepowerEU plan, which aims to end the EU’s dependence on Russian fossil fuels by accelerating the buildout of the bloc’s renewables sector. “Today, more than ever, we need to boost innovation and scale up technological solutions that tackle the climate crisis and bring Europe energy sovereignty,” says
Also in this section
12 March 2026
Role of world’s largest carbon cap-and-trade market under scrutiny as war in Iran threatens to drive EU energy costs to unsustainable levels
10 March 2026
Europe urgently needs to bring more projects to FID, as CCS investors warn they might divert capital to faster-growing regions
9 January 2026
A shift in perspective is needed on the carbon challenge, the success of which will determine the speed and extent of emissions cuts and how industries adapt to the new environment
2 January 2026
This year may be a defining one for carbon capture, utilisation and storage in the US, despite the institutional uncertainty
