News

Bellona signs open letter protecting the Innovation Fund to ensure real climate action and support industrial transformation

Publish date: December 15, 2022

A strong reform of the EU Emissions Trading System (ETS) is needed in order to rapidly reduce emissions from the goods and services Europe produces. Supporting clean technologies and innovation through the Innovation Fund is crucial to ensure the necessary tools to decarbonise.

A strong reform of the EU Emissions Trading System (ETS) is needed in order to rapidly reduce emissions from the goods and services Europe produces. Supporting clean technologies and innovation through the Innovation Fund is crucial to ensure the necessary tools to decarbonise, such as hydrogen, next-generation renewables, carbon capture and storage, and carbon removal, are available. We, the undersigned, are concerned with the provisional agreement on RePower EU, which would enable Member States to use grants financed by the Innovation Fund (60%) and front-loading ETS allowances (40%). This will weaken and reduce the size of the Innovation Fund in order to raise revenues for RePowerEU at a time when an overall increase in funding would on the contrary be more needed than ever.

Read the letter:

Open-letter_-Protecting-the-Innovation-Fund

 

More News

All news

6th meeting of the Carbon Removal Expert Group summary and feedback 

The Carbon Removal Certification Framework (CRCF) has been formally approved by the Council on the 19th of November 2024 and entered into force on the 9th of December 2024, providing an official mandate for the Commission to develop methodologies on carbon farming and carbon removals. However, the technical documents and specifications are still being drafted and revised for input from the Carbon Removals Expert Group (CREG), of which Bellona is a member. 

Photo: Christening of Northern Lights’ first CO₂ carrier in Stavanger in 2025, by Olav Øye

A great leap towards a scaled European market for CCS: Northern Lights expands storage capacity, will store CO₂ from Stockholm  

Europe’s only multi-source, injection-ready CO₂ storage site will more than triple its capacity by 2028. The decision follows an agreement with Stockholm Exergi to transport and store up to 800 – 900 kilotonnes of CO₂ per year. “This decision is years in the making, and the culmination of decades of hard work from many, Bellona included” says Bellona Europa Director Jonas Helseth.

Subscribe to our newsletter

Get our latest news

Stay informed