Insight from Brussels: EU makes multi-billion euro bet on energy transition tech

Clean hydrogen, renewables, batteries, and carbon capture and storage are among the energy transition technologies set to benefit from billions of euros of public funding as the EU seeks to become climate neutral by 2050. Much of this is to come from the European Commission’s proposed Eur750 billion ($852 billion) “green” recovery plan, which needs unanimous approval from the EU’s 27 national governments to go ahead. The proposal includes EU budget guarantees of Eur20 billion for sustainable infrastructure, Eur10 billion for research, innovation and digitization, and Eur31 billion for strategic European investment under the InvestEU program. The idea is that the guarantees help mobilize much higher levels of private and other public investment by lowering potential projects’ financial risk. Energy transition projects eligible for these guarantees include renewables, energy storage including batteries, sustainable transport technologies, clean hydrogen and fuel cell applications, decarbonization technologies for industry, and carbon capture and storage or use (CCSU), as well as related critical infrastructure such as power interconnectors. Such projects will have to compete for the money with projects from other critical sectors, including healthcare, digital, strategic raw materials and cybersecurity. Fossil fuel projects are mostly not eligible, unless there is no viable alternative technology,… continue reading

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