Brussels, November 16 (BNA) The European Commission said, on Tuesday, that the European Union will invest 1.1 billion euros ($1.24 billion) in new innovative projects to develop a greener economy, within the framework of the bloc’s transition to net zero emissions. by 2050.
Vice-President of the European Commission, Frans Timmermans, said the grants for the projects aim to “help restart the EU economy and achieve a green recovery”, following the impact of Covid-19.
The seven large-scale projects are the first investments made from the Commission’s Innovation Fund, a new investment vehicle in the European Union that has called for submissions for the first time in 2020.
The fund aims to allocate €25 billion over the next decade to develop low-carbon technologies to help decarbonize the EU economy.
In France, one project is to capture emissions in a cement plant and partially geologically store CO2 in the North Sea for incorporation into concrete.
Six other projects in Belgium, Italy, Finland, the Netherlands, Norway, Spain and Sweden have also been selected for funding.
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