European Innovation Fund 2024 call to invite projects to cut greenhouse gas emissions

The European Innovation Fund is one of the largest funding programmes worldwide, designed to propel the demonstration of innovative low-carbon technologies within the European Economic Area (EEA). It plays a key role in Europe’s journey to climate neutrality, empowering projects that bring groundbreaking solutions to market and drastically cut greenhouse gas emissions.

The auction and call for funding proposals for 2024 (“IF24”) will open on 3 December 2024, with the deadline to submit applications yet to be announced. This call will continue to focus on funding projects to develop innovative low-carbon technologies and renewable hydrogen production.

Why the Innovation Fund?

The fund presents an unparalleled opportunity for businesses aiming to make a significant impact on both the climate and their bottom line. It offers financial support to forward-thinking projects that push the boundaries of clean technology and drive the green transition. The fund aims to:

• Catalyse investment: Attract critical investment in clean energy and industrial processes.

• Trigger growth: Stimulate economic development through funding innovative solutions.

• Create jobs: Boost employment in emerging sectors of the green economy.

• Lead globally: Reinforce Europe’s position as a world leader in advanced, sustainable technologies.

Key proposed areas of focus

The fund targets a variety of sectors and technologies, including:

• Energy-intensive industries: Projects replacing carbon-intensive products with sustainable alternatives.

• Carbon capture storage and utilisation.

• Renewable energy innovations: Pioneering methods for generating clean energy, including solar, wind, and hydrogen.

• Advanced energy storage: Novel solutions to store renewable energy efficiently for consistent and reliable supply.

• Net-zero mobility: Technologies for maritime, aviation, and road transport aimed at achieving net-zero emissions.

• Low-carbon building solutions: Innovations that significantly reduce the carbon footprint of buildings and construction processes.

How the Innovation Fund operates

The fund awards grants through calls for proposals. Projects are selected based on criteria such as: 

• Degree of innovation: Novelty and potential impact of the technology.

• Greenhouse gas emissions avoidance: Effectiveness in reducing emissions.

• Project maturity: Readiness in terms of planning, business model, and financial and legal structure.

• Replicability: Potential for scaling and replication.

• Cost efficiency: Financial viability and cost-effectiveness of the grant compared to the greenhouse gas emission savings.

On 23 October 2024, the EU allocated EUR 4.8 billion in grants under the IF23 call to 85 innovative net-zero projects, aiming to reduce emissions by 476 million tonnes of CO2 by 2030. These projects span sectors such as renewable energy, energy-intensive industries, carbon capture, and net-zero mobility, and are located in 18 EEA member states. The funding supports clean-tech manufacturing, energy storage, and industrial decarbonisation. Additionally, the STEP Seal (the so called “Sovereignty Seal” under the Strategic Technologies for Europe Platform Regulation) will recognise high-quality projects for further support.

How can Deloitte Belgium assist?

Our team provided successful assistance with applications under the IF23 call, helping to secure total funding of EUR 350 million for three clients.

Deloitte's European Funding Centre of Excellence is here to help you capitalise on this opportunity. We offer a full suite of services to enhance your project's chances of success:

• Compliance assessment: We ensure your project meets all requirements for eligibility, positioning you for success right from the start.

• End-to-end project support: We provide complete support throughout the application process, from initial project scoping and viability analysis to detailed application drafting.

Do not hesitate to reach out to any of the contacts below for further information.