Renewables sector loses confidence in EU support scheme
Rules governing EU Innovation Fund disadvantage renewables sector and must change, industry groups tell European Commission
Europe’s renewable energy industry has lost confidence in the €10bn ($10.5bn) Innovation Fund, one of the EU’s main financial support schemes for the development of low-carbon technology, according to a group of the sector’s largest trade associations. Renewable generation failed to win any funding in the scheme’s first-round call for large-scale projects. Renewables sector applications for the second round—which was launched in October with a sharply increased budget of €1.5bn—have dropped to 10pc of proposals, down from 20pc in round one, the trade groups note in a joint letter to European Commission vice-president Frans Timmermans. “The Innovation Fund is the EU’s most impactful tool to d
Also in this section
16 April 2024
US and European oil majors snap up smaller players and look to accelerate development in a region deemed to possess all the key elements for successful CCUS deployment
15 April 2024
Demand for credits seen rising 20% this year despite issues around integrity and standardisation
11 April 2024
Volatile allowance prices and small size of voluntary market undermine ability to drive investment, says Oxford Institute for Energy Studies
8 April 2024
Chevron New Energies is lead investor in funding round by Colorado-based provider of post-combustion capture technology