According to a statement from the Commission, the European Commission requested submissions for financing worth 3 billion euros from the European Union’s innovation fund to assist projects to reduce carbon dioxide.
Bloomberg News Agency reported on Monday that financing includes one billion euros for renewable energy, intensity industries, energy storage, carbon detention, and the use of low carbon fuel in the transportation sector.
A billion euros will be set aside to develop technologies that use hydrogen to produce or use power instead of fossil fuels.
For sustainable energy technologies, 700 million euros will be watched, while medium-sized projects utilising “advanced technology” would receive 300 million euros.
Applications will be accepted up to March 16, 2023, and the owners of requests will be informed of the outcomes in the second quarter of that year.
The European Commission requests 3 billion euros for projects to remove carbon dioxide.
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