Tom Barlow-BrownThe European Commission has announced the allocation of €4.8 billion in grants to 85 innovative projects across Europe under the 2023 Innovation Fund, the largest funding round since the initiative’s launch in 2020.
The grants will drive decarbonisation efforts across several sectors, with a number of maritime projects receiving funding for various applications including renewable fuels, and vessel retrofitting.
Maritime projects, particularly those focused on hydrogen and methanol fuel solutions, stand out in this funding round. As part of the initiative, 525 kilotonnes of renewable fuels will be produced annually, with 61 kilotonnes of renewable fuels of non-biological origin (RFNBO) specifically targeted at hard-to-abate sectors like shipping, the European Commission said in a statement.
As reported by Bunkerspot this morning, Denmark’s European Energy also secured Innovation Fund support for its green methanol production facility, which will provide an alternative fuel source for ships, further advancing Europe’s maritime decarbonisation goals.
Norwegian projects under the Ocean Hyway Cluster, which focus on hydrogen for maritime applications, received a substantial share of the funding. The projects aim to expand hydrogen infrastructure and help retrofit ships to run on hydrogen, contributing to the EU’s goal of achieving 9.3 GW of electrolyser capacity by 2030.
Wopke Hoekstra, Commissioner for Climate Action, described the impact of these maritime projects, noting: ‘The Innovation Fund is funding more projects than ever before. 85 innovative projects in 18 countries bring cutting-edge clean technologies at the service of climate action. New projects in the maritime, aviation and road transport sectors will boost efforts to reach clean mobility.’
The goal of the funding is to enable emissions reductions across the continent. Over the first decade of operation, the selected projects are forecasted to cut 476 million tonnes of CO2 equivalent, contributing to the EU’s broader goal of climate neutrality by 2050, according to the official announcement. These grants, awarded across 18 countries, aim to decarbonise energy-intensive industries, enhance renewable energy integration, and accelerate the transition to sustainable transport solutions.
Maroš Šefčovič, Executive Vice-President for the European Green Deal, highlighted the significance of this funding round.
‘In a pivotal stride towards Europe’s climate neutrality goals, the Innovation Fund has achieved another significant milestone. The unprecedented €4.8 billion in grants will support the largest selection of Innovation Fund projects to date,’ he said.
In addition to the maritime sector, the Innovation Fund also supports decarbonisation in aviation, energy-intensive industries, and renewable energy production.
The grants will be finalised by early 2025, with the selected projects expected to become operational by 2030, marking a transformative phase in Europe’s green transition.
A full list of projects awarded funding can be found here.
Image: Shutterstock
Rhys Berry
