The European Commission announced it will allocate €4.6 billion ($4.8 billion) to promote so-called “net-zero technologies,” including the production of electric vehicle batteries and renewable hydrogen.
Around €3.4 billion of the total will be used to support the adoption of decarbonization technologies in Europe, including electric vehicle batteries.
The remaining €1.2 billion will be earmarked for the production of renewable hydrogen.
“The Commission is demonstrating its commitment to achieving its decarbonization targets and supporting the competitiveness of European industries in key strategic sectors,” said European Commission Vice President Teresa Ribera Rodriguez.
The announcement underscores the EU’s dedication to achieving climate neutrality by 2050 and promoting innovative industries within Europe, according to a press release from the Commission.
The funding will be provided through various open calls until April 2025. The funds will come from the revenue generated by the EU’s Emissions Trading System (EU ETS), the bloc’s carbon pricing system.
