EU invests over €10 billion in low-carbon technologies

The European Commission has invested over €10 billion in clean technology to boost their global competitiveness.

Miguel Arias Cañete, Commissioner for Climate Action and Energy, said: “Less than three months after adopting our strategic vision for a climate neutral Europe by 2050, we are putting the money where the mouth is.”

EU Climate Action has a range of benefits for the health and prosperity of Europeans with an immediate impact on people’s lives, this is from the creation of local green jobs, reduced energy bills and cleaner, more efficient public transport.

Miguel Arias Cañete added: “Our objective is to keep building a modern, competitive and socially fair Paris-aligned economy for all Europeans. For this to happen, we will need deployment of clean innovative technologies on an industrial scale. This is why we are investing in bringing to the market highly innovative technologies in energy intensive industries, in carbon capture, storage and use, in the renewable energy sector and in energy storage. We are today unleashing technological solutions in all Member States and pressing the fast-forward button in our transition to a modern and climate-neutral society in Europe.”

The Commission will aim to launch the first call for proposals under the Innovation Fund in 2020, followed by regular calls until 2030.

The commission wants to ensure that Europe continues to be the frontrunner when it comes to clean technologies. Last year, the European Commission adopted a strategic long term vision for a neutral economy by 2050.

The purpose of this vision is not to set targets but to create a sense of direction and plan for it, inspiring stakeholders and entrepreneurs to develop new and innovative industries, businesses and associated jobs.