Money to burn? EU commission ‘invests’ €1 billion in innovative clean technology projects

Posted: July 4, 2020 by oldbrew in climate, Emissions, ideology, innovation
Tags: , ,


This article ‘in association with the European Commission’ in effect tells us they are running out of ideas on how to progress their obsession with reducing the quantity of the minor trace gas carbon dioxide in Earth’s atmosphere. They forget the main player by far in ‘greenhouse gases’ is known to be water vapour, so focus on CO2 is next to pointless anyway, even if current climate theory was credible.
– – –
The Commission is launching today the first call for proposals under the Innovation Fund, one of the world’s largest programmes for the demonstration of innovative low-carbon technologies, financed by revenues from the auction of emission allowances from the EU’s Emissions Trading System.

The Innovation Fund will finance breakthrough technologies for renewable energy, energy-intensive industries, energy storage, and carbon capture, use and storage, reports The European Sting.

It will provide a boost to the green recovery by creating local future-proof jobs, paving the way to climate neutrality and reinforcing European technological leadership on a global scale.

Executive Vice-President Frans Timmermans said:

“This call for proposals comes at just the right time. The EU will invest €1 billion in promising, market-ready projects such as clean hydrogen or other low-carbon solutions for energy-intensive industries like steel, cement and chemicals. We will also support energy storage, grid solutions, and carbon capture and storage. These large-scale investments will help restart the EU economy and create a green recovery that leads us to climate neutrality in 2050.”

For the period 2020-2030, the Innovation Fund will allocate around €10 billion from the auctioning of allowances under the EU Emissions Trading System, in addition to undisbursed revenues from the Innovation Fund’s predecessor, the NER 300 programme.

The first call will provide grant funding of €1 billion to large-scale projects for clean technologies to help them overcome the risks linked to commercialisation and large-scale demonstration.

This support will help new technologies to reach the market.

Continued here.

Comments
  1. oldbrew says:

    Somehow ‘clean’ and ‘low-carbon’ are supposed to mean the same thing. But since carbon dioxide is already ‘clean’ and is needed by plants for photosynthesis, this is the usual misleading nonsense.

    https://pubchem.ncbi.nlm.nih.gov/compound/carbon-dioxide

  2. ivan says:

    What are they going to do for money when the businesses that are supposed to pay for the indulgences of ‘carbon trading’ and cease trading and move out to a country that doesn’t have all that stupidity?

    I can see the breakup of the EU if the unelected idiots in charge keep this stupidity up because their Marxist ideas are unsustainable in the long term.

  3. pochas94 says:

    Marxist regimes take a long time to die.

  4. JB says:

    An excellent example of the distraction of people’s attention from the most critical issues of the day.

  5. hunterson7 says:

    Another tax payer funded slush fund to support the climate fanatic search for the Holy Grail.

  6. Pat Swords says:

    On a very similar note, people might find the below to be of interest and as to where they can also pass comment:

    https://oceanfocus.ie/storm-profiles-natural-variations-or-climate-change/

  7. oldbrew says:

    ivan – I can see the breakup of the EU if the unelected idiots in charge keep this stupidity

    Being elected as in the UK doesn’t make much difference to the crackpot climate policies: ‘net zero’ etc.
    – – –
    EU: This support will help new technologies to reach the market.

    The rigged and subsidy-riddled market, that is. Existing technologies (gas, coal, oil) pay carbon taxes which go towards subsidising alternatives and antidotes to them. What happens if/when the old tech becomes too small to generate all the taxes – massive price hikes and new taxes?

  8. Gamecock says:

    ‘It will provide a boost to the green recovery by creating local future-proof jobs, paving the way to climate neutrality and reinforcing European technological leadership on a global scale.’

    ‘Green’ recovery ???

    Jobs are a cost, not a benefit. I guess future-proof jobs are different.

    There is vast capital available for good ideas. EC is providing nothing here. This is an invitation for crackpots to submit their ideas that everyone has already told them are stupid.

    ‘The Innovation Fund will finance breakthrough technologies for renewable energy, energy-intensive industries, energy storage, and carbon capture, use and storage’

    BS. ‘Breakthrough’ meaning everything that has already failed. Seriosly, the search has been on for decades. Capital has never been a limiting factor.

  9. oldbrew says:

    ‘Invest’ is a funny way to spell waste.

  10. Gamecock says:

    oldbrew, I think ‘invest’ means giving it to their friends.

  11. oldbrew says:

    low-carbon solutions for energy-intensive industries like steel, cement and chemicals

    Just hose cash everywhere and miracles will happen. Not.
    – – –
    Has the electric vehicle-loving EU got any funds for this?

    UN report highlights urgent need to tackle impact of EV battery production boom
    04 July 2020

    Demand for raw materials used in the production of electric car batteries is set to soar, prompting the UN trade body, UNCTAD (United Nations Conference on Trade and Development), to call for the social and environmental impacts of the extraction of raw materials, which include human rights abuses, to be addressed urgently.

    https://www.greencarcongress.com/2020/07/20200704-un.html

  12. Gamecock says:

    Urgently? They’ve been pushing for this for decades.

  13. Curious George says:

    Are they already future-proofing jobs (other than their own jobs)? Or is it a feature only available in a green recovery?

  14. oldbrew says:

    They admit the problem…

    R&D critical to reach net-zero emissions: IEA

    “There is a stark disconnect today between the climate goals that governments and companies have set for themselves and the current state of affordable and reliable energy technologies that can realise these goals,” said Dr Fatih Birol, the IEA Executive Director.

    “This report examines how quickly energy innovation would have to move forward to bring all parts of the economy – including challenging sectors like long-distance transport and heavy industry – to net-zero emissions by 2050 without drastic changes to how we go about our lives. This analysis shows that getting there would hinge on technologies that have not yet even reached the market today. The message is very clear: in the absence of much faster clean energy innovation, achieving net-zero goals in 2050 will be all but impossible.”

    http://www.tradearabia.com/news/REAL_369870.html

  15. Gamecock says:

    Having been a project manager for decades, I can tell you as fact these projects will fail.

    ‘The Innovation Fund will finance breakthrough technologies for renewable energy, energy-intensive industries, energy storage, and carbon capture, use and storage, reports The European Sting.’

    Projects start with an idea. The idea is developed. Agreement is reached that it is worthwhile. You then seek financing. You have to convince the people with the money that it is a good idea.

    EC starts with, “We’ve got money!”

    That’s backwards for developing good ideas.

    And as I said above, money is not a limiting factor. These geniuses are going to blow a billion on nothing.

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