Innovation Fund

One of the world’s largest funding programmes for the deployment of net-zero and innovative technologies.

Innovation Fund

The Innovation Fund is one of the world’s largest funding programmes for the deployment of net-zero and innovative technologies funded through the EU Emissions Trading System (EU ETS) – the world’s largest carbon pricing system. The fund total is equivalent to EUR 38 billion from 2020-2030 with grants covering up to 60% of project costs.

The Innovation Fund typically funds technologies in the field of low-carbon technologies and processes in energy-intensive industries such as:

Carbon capture and utilisation

Construction and operation of carbon capture and storage

Innovative renewable energy generation

Energy storage

Net zero mobility (maritime, aviation, road transport)

The Fund focuses on highly innovative technologies and flagship projects within Europe that can bring about significant emission reductions.

The fund is for capital expenditure and in 2022 the first two calls were announced – large-scale (capital expenditure > EUR 7.5 million) and small-scale (capital expenditure

For regular grants, up to 40% of the grant can be given based on pre-defined milestones before the whole project is fully up and running.

Note the UK presently cannot participate in the Innovation Fund programme as UK companies do not contribute towards the EU ETS. There is opportunity for Veolia companies, operating in European Member States, to apply for this programme.