The European Union has set ambitious goals for achieving a climate-neutral and circular economy by 2050. Among one of the largest funding programmes to demonstrate low-carbon technologies is Innovation Fund, which had its call deadline on 9th April 2024, releasing a total of 4B€ in grants. Over the past few months, our Spinverse funding experts have been working hard together with clients to submit several project proposals. Together, these projects demonstrate potential for significant greenhouse gas (GHG) avoidance and bring together many innovative actors in Europe.
Spinverse funding experts, or “champions” in their respective areas of expertise, have recently supported several clients in preparing, designing and submitting high-impact projects for the Innovation Fund, contributing to the common goal to tackle climate change.
The potential impact of the submitted projects
The Innovation Fund is one of the world's largest funding programmes for the demonstration of innovative low-carbon technologies. It focuses on highly innovative technologies and big flagship projects in Europe, required to bring on significant emission reductions.
CINEA (European Climate, Infrastructure and Environment Executive Agency) announced to have received a total of 337 applications by the 9th of April deadline. When successful, the total greenhouse gas (GHG) emission avoidance of the project proposals we at Spinverse submitted with our clients is 102.6 million tonnes CO2eq over a period of ten years. To understand the scale of this potential to mitigate greenhouse gas emissions, Finland’s CO2 emission rate is approximately 50 million tonnes CO2eq per year. Regarding the funding to accelerate these important projects, our clients applied for grants worth 1.2B€ in total.
What's next for the submitted projects
In the coming months, the projects submitted to Innovation Fund will now be undergoing various stages of evaluation by the European Commission and independent experts. The results are expected to be announced this November. Fingers crossed to all the submitted projects!
Risto Savolainen, Vice President for Sustainable Industries at Spinverse concludes: “We at Spinverse are confident that our customers’ projects in the Nordics and elsewhere in Europe are strong candidates in this competitive process, as the proposals are innovative and demonstrate excellence, impact and quality. We are so happy to be part of these projects and contribute to the EU's goals of achieving a sustainable future for all.”
Are you planning to accelerate your sustainable netzero projects with Innovation Fund? Get in touch with our funding experts today!
