EU Plans to Invest over €1 Billion on Large-Scale Projects

The European Union will invest 1.1 billion euros (1.24 billion dollars) in new, innovative and advanced projects to decarbonize the economy, as part of the European Union objective to reduce emissions by 2050.

Buletini ekonomik

The EU grants will support projects aiming to recover the economy through green recovery projects, after the consequences left from the coronavirus pandemic, said Frans Timmermans, the President of the European Commission.

Reklama e sponzorizuar

The grants will support projects aiming to bring breakthrough technologies to the market in energy-intensive industries, hydrogen, carbon capture, use and storage, and renewable energy. 

The seven projects in large scale are the first investment of the Fund for Innovation of the European Commission, a new investment tool of the European Union that kicked off its application in 2020.

The fund aspires to distribute 25 billion euros during the next decade for technology development, through consuming less C02, to decarbonize the economy of the European Union area.

One of the projects that will be located in France is a project that will capture unavoidable emissions in a cement plant and in part store the CO2 geologically in the North Sea and in part integrate it into concrete. 

Other six projects that will be funded by the EU will be located in: Belgium, Italy, Netherlands, Norway, Spain and Sweden.