Euro Innovation Fund
A new European Innovation Fund provided for in a reformed Emissions Trading Scheme must take into account the specific finance needs of the emerging technologies for which it was created, says Europe’s ocean energy industry.
Rémi Gruet, CEO of Ocean Energy Europe, the industry body for ocean renewable energy, said: “We welcome the creation of an Innovation Fund for emerging renewable technologies, as long as the fund is fit for purpose: financing first-of-a-kind projects.”
The Innovation Fund is part of the European Commission’s proposal to strengthen the Emission Trading Scheme. It will renew the NER300 programme which awarded grants to five ocean energy projects.
It is hoped that the fund will maximise its impact by providing its finance up-front, keeping its processes flexible, and pushing emerging renewables, like ocean energy, on to the marketplace.
The Commission’s proposal will now be discussed by the European Council and European Parliament.
By Anne-Marie Causer
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