LONDON (ICIS)--The European Commission has established a new €100 million fund which will support carbon-neutral energy production, among other aims.
The fund will channel investments into electricity, transportation as well as agriculture, manufacturing and buildings, the commission communicated in a press release on Wednesday.
The new fund, Breakthrough Energy Ventures (BEV-E), will receive a €50 million contribution from the European Investment Bank (EIB) and €50 million from Breakthrough Energy Ventures, a fund with the aim of supporting innovation in the energy sector.
Investments will go towards boosting renewable energy usage and reforming the European energy market. It will also support energy efficiency and clean energy innovation.
EU member states and countries associated with Horizon 2020 will be eligible to apply for BEV-E funding starting from the second half of 2019.
Ambroise Fayolle, vice-president of the EIB responsible for innovation, said: “Successfully tackling climate change needs carbon-neutral energy production – and we do not have much time to achieve this. This financing will allow new technology to replace fossil-intensive energy generation.”
The initiative is part of a project called Mission Innovation, an international partnership to accelerate clean energy innovation and provide a long-term global response to climate challenge.