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EU Innovation Fund 

The Innovation Fund is one of the world’s largest funding programmes for the deployment of net-zero and innovative technologies.

The Innovation Fund will fund new and innovative technologies that deliver the avoidance of Green House Gas (GHG) Emissions, are innovative and not already available, are in line with the EU's 2050 policy to decarbonise Europe and support its transition to climate neutrality and are relatively mature.

In 2023, the revision of the EU Emissions Trading System Directive strengthened the Innovation Fund as follows:

  • The overall size of the Innovation Fund has been increased from 450 million ETS allowances to approximately 530 million ETS allowances
  • Scope changes: new sectors (e.g. maritime, aviation); introduction of medium-scale projects; application of the Do Not Significant Harm (DNSH) principle from 2025; stronger reference to multiple environmental impacts
  • The introduction of new financial instruments (“Competitive Bidding”)
  • Stronger attention to geographical balance, including through technical assistance to Member States with low effective participation.

The National Focal Point for the Innovation Fund in Ireland is the Environment and Climate Research and Advisory Unit in the Department of the Environment, Climate and Communications (DECC). Please contact them with any queries and to be added to their distribution list, email InnovationFund@decc.gov.ie.