Young, small and medium-sized enterprises (SMEs) working in the area of environmentally innovative technologies have been funded over the past two years under the Eco-innovation component of the EU’s Competitiveness and Innovation Programme (CIP). Their performance has been analysed and shows impressive results – every euro invested resulted in 20 euros for its beneficiaries and each supported project generated eight new permanent, full-time job positions. This proves that good business, job creation and environmental protection can be achieved in the same project. Read more…
Launched in 2008, the Eco-innovation initiative is part of the EU's Entrepreneurship and Innovation Programme, set up to support innovation among SMEs and to improve their competitiveness. The initiative creates a bridge between research and the market, promoting good ideas to become reality in five main sectors – material recycling, water, sustainable building products, green business and the food and drink sector. In doing so, the initiative helps the EU meet its environmental objectives while boosting economic growth.
More than 240 projects funded by the Eco-innovation scheme are already underway. The performance of the EU-funded projects has been analysed and substantial benefits were revealed:
In cash terms, the value of these environmental savings is estimated to be more than EUR800 million in 5 years. Examples of funded projects are:
Due to this success, the European Commission invested a new budget of EUR31.5 million for a further 45 Eco-innovation projects.
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