EU Commission commits Euro 4.6 billion to support clean tech projects
European Commission's New Investment in Clean Technology
The European Commission (EC) has announced a significant investment of €4.6 billion in decarbonisation technology and clean hydrogen projects. This funding comes from the EU Emissions Trading System (EU ETS), a program that charges for carbon emissions in various sectors.
Investment Details
The EC plans to launch two new calls for proposals, totaling €3.2 billion, aimed at net-zero technologies. Of this, €1 billion is specifically allocated for electric vehicle battery cell manufacturing. Additionally, €1.2 billion will be used to boost renewable hydrogen production through the European Hydrogen Bank.
Funding Source
The initiatives will be financed by the EU's Innovation Fund, which is supported by the EU ETS. Established in 2005, the ETS covers sectors like electricity, oil refineries, and aviation, and is expected to generate €40 billion from 2020-2030.
Innovation Fund and European Green Deal
The Innovation Fund is a major part of the European Green Deal Industrial Plan, which aims to enhance Europe's net-zero industries and support the EU's climate neutrality goals. Recently, the EC selected 85 projects to receive €4.8 billion from the fund in 2024.
Doubts Revealed
European Commission
The European Commission is like a big team that helps make important decisions for countries in Europe. They work together to make Europe a better place.
€4.6 Billion
€4.6 billion is a lot of money, like 46,000 crore rupees. It's being used to help make the environment cleaner.
Decarbonisation
Decarbonisation means using less carbon, which is a part of pollution. It helps make the air cleaner and the Earth healthier.
Clean Hydrogen
Clean hydrogen is a type of energy that doesn't make pollution. It's like using clean water instead of dirty water.
EU Emissions Trading System
The EU Emissions Trading System is a plan to reduce pollution by making companies pay if they pollute too much. It's like a game where you get points for being clean.
Net-zero technologies
Net-zero technologies are tools and methods that help us not add any extra pollution to the air. It's like balancing a scale so it stays even.
Electric vehicle battery manufacturing
This is about making batteries for cars that run on electricity instead of petrol or diesel. These cars are better for the environment.
Renewable hydrogen production
Renewable hydrogen production is making clean hydrogen using natural resources like wind or sun. It's like using solar panels to make electricity.
EU's Innovation Fund
The EU's Innovation Fund is money set aside to help create new ideas and technologies that are good for the environment.
European Green Deal
The European Green Deal is a plan to make Europe cleaner and greener, like planting more trees and using less plastic.
ETS established in 2005
The ETS started in 2005 to help reduce pollution in Europe. It's been around for a long time to help keep the air clean.
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