Accelerating innovative technologies to reduce GHG emissions through the Innovation Fund
The European Union's Innovation Fund (IF), launched by the European Commission, is one of the world’s largest funding programmes for the deployment of innovative net-zero and low-carbon technologies. IF aims to support projects that deploy highly innovative technologies, processes, business models or products/services, that are sufficiently mature and have the potential to significantly reduce greenhouse gas emissions. The total budget for the years 2020-2030 will be 40 billion EUR, at present over 120 projects across the European Economic Area (EEA) countries have received contributions totalling 7.2 billion EUR.
The EIB offers support to the IF through the Project Development Assistance (PDA). A support mechanism is designed to help accelerate the structuring and financing of high-quality projects deemed insufficiently mature by evaluators at the time of application to IF calls. After receiving PDA support, such projects may apply under subsequent calls.
Since February 2022, NTU has been supporting the EIB in delivering PDA services for several projects (20 and counting) targeting new technologies in the areas of low-carbon fuels, renewable energy, cleantech manufacturing, chemical processes, energy-intensive industries transformation, waste valorisation, and other.
Implementation
NTU teams have been closely collaborating with EIB and Promoters verifying available documentation provided by the Promoters, comparing the proposed solutions with state-of-the-art in terms of technology innovation levels and economic advantages, and suggesting possible ways of improving both technology and profitability. Prepared Reports can be further used by Promoters in their applications to IF Projects and other funding opportunities.
NTU services included market studies, cost-benefit analyses, CAPEX/OPEX reviews, law and regulations studies, feasibility studies, third-party reviews of existing pilot plants, scale-up plans reviews, and state-of-the-art studies.
Impact
So far, the IF PDA has made the following impact:
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Increasing projects’ maturity and readiness for subsequent Innovation Fund calls
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Promotion of sustainable and cutting-edge solutions, contributing to the EU's climate goals.
SDGs:
