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Marine eyes EU innovation fund

Ocean Energy Europe welcomes NER300 successor

Marine eyes EU innovation fund image

Marine trade body Ocean Energy Europe has welcomed the European Union's decision to introduce a multi-billion euro R&D fund for low-carbon technologies for the period 2021-30

The Emissions Trading Scheme (ETS) Innovation Fund will build on the NER300 programme which contributed €2.1bn to 38 renewables projects.

Brussels has agreed to allocate 450m allowances to the ETS Innovation Fund, equivalent to €3.5bn at current carbon prices.

The agreement was reached by the European Council, European Parliament and European Commission as part of post-2020 revision of the ETS.

Ocean Energy Europe chief executive Remi Gruet said: “Europe is great at researching new technologies, but less successful at transforming them into an industrial reality.

“The Innovation Fund is one mechanism to do just that: support large-scale technology demonstration to de-risk technologies and push them towards commercial readiness, cost reduction and export success.”

Image: European Commission in Brussels (Amio Cajander)

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