The European Commission has awarded €4.8 billion from its Innovation Fund to 85 projects focused on net-zero technologies. Announced on October 23, the funding supports initiatives in 18 European countries, spanning industries such as sustainable transport, renewable energy, and carbon management. The projects, to be operational by 2030, aim to reduce emissions by 476 million tonnes of CO₂ equivalent in their first decade.

In the transport sector, selected projects will focus on reducing emissions in maritime and road transport. These include projects such as building and retrofitting vessels for renewable fuels and electricity use, and hydrogen production for applications in industry and transport. 

This marks the largest funding round since the Innovation Fund's inception in 2020, bringing total support to €12 billion. Selected initiatives also align with the EU’s Net-Zero Industry Act, bolstering cleantech manufacturing and industrial decarbonization. Grant agreements are set to be finalised by early 2025.

For further details, see the original press release.