EU innovative climate action also aims to benefit the health and prosperity of Europeans with an immediate, tangible impact on people's lives, from the creation of local green jobs and growth, to energy-efficient homes with a reduced energy bill, cleaner air, more efficient public transport systems in cities, and secure supplies of energy and other resources.

Our objective is to keep building a modern, competitive and socially fair Paris-aligned economy for all Europeans. For this to happen, we will need deployment of clean innovative technologies on an industrial scale. This is why we are investing in bringing to the market highly innovative technologies in energy intensive industries, in carbon capture, storage and use, in the renewable energy sector and in energy storage. We are today unleashing technological solutions in all Member States and pressing the fast-forward button in our transition to a modern and climate-neutral society in Europe,

...said Commissioner for Climate Action and Energy Miguel Arias Cañete.

The move is aligned with the adoption, on 28 November 2018, of a strategic long-term vision for a prosperous, modern, competitive and climate neutral economy by 2050 – A Clean Planet for all.

The strategy shows how Europe can lead the way to climate neutrality while preserving the competitiveness of its industries by investing into realistic technological solutions. This transition also requires further scaling-up of technological innovations in energy, buildings, transport, industry and agriculture sectors.

The Commission aims to launch the first call for proposals under the Innovation Fund already in 2020, followed by regular calls until 2030.

The Innovation Fund will pool together resources amounting to around €10 billion, depending on the carbon price. The Innovation Fund builds on the experience from the NER300 programme, the current EU programme to support the demonstration of carbon capture and storage and renewable energy technologies.