Marine eyes EU innovation fund

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.”

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