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EU Innovation Fund
Why is it in News?
- Bids to Eu innovation fund for low carbon technology for funding support
More on News
- EIF will support clean technologies such as floating wind farms, carbon capture mechanisms and energy storage
- About EIF
(1) It aims at funding for innovative low carbon technologies
(2) Focus areas are energy intensive industries, Carbon capture and utilisation, Construction and operation of carbon capture and storage, generation of renewable energy and energy storage
(3) The EU Emissions Trading System (EU ETS), the world’s largest carbon pricing system, is providing the revenues for the Innovation Fund
(4) EIF is key to achieve EU’s commitments under the Paris Agreement and its objective to be climate neutral Europe by 2050