COMMISSION DELEGATED REGULATION (EU) …/... of 10.5.2021 amending Delegated Regulation (EU) 2019/856 as regards the application and selection procedures under the Innovation Fund
1. The Innovation Fund is an EU funding programme available to businesses for the demonstration of innovative low-carbon technologies. The Innovation Fund is funded by revenues from the auction of emission allowances from the EU’s Emissions Trading System (EU ETS ). The fund will provide around EUR 10 billion of support over 2020-2030, to support the development of industrial solutions to decarbonise Europe and support its transition to climate neutrality.
2. The Innovation Fund is administered through regular calls for projects from eligible businesses. It applies to projects implemented in one of the EU Member States, Norway or Iceland, however, the project applicant does not need to be controlled by EU investors. The first call for large scale projects closed on 29 October 2020, receiving over 300 applications.
3. The application process to the Innovation Fund is determined depending on the scale of the project. For large scale projects, applicants must first submit an expression of interest, with an assessment conducted on the project effectiveness, innovation and maturity level. Projects that meet only the first two criteria may qualify for project development assistance. This expression of interest is followed by a full application, where projects are assessed on all the criteria, including scalability and cost efficiency.