On 25 September 2020, financiers and industry representatives gathered virtually to discuss how public and private investors can join forces to deliver the European Green Deal and repair economic damage from the COVID-19 crisis.
To become the first climate-neutral bloc in the world by 2050, the EU needs massive investments from both public and private sectors.
The Innovation Fund will provide around €10 billion of support over 2020-2030 for the commercial demonstration of innovative low-carbon technologies, aiming to bring to the market industrial solutions to decarbonise Europe.
The first call for large-scale projects opened on 3 July with a budget of €1 billion for breakthrough technologies for renewable energy, energy-intensive industries, energy storage, and carbon capture, use and storage. The Fund will need to leverage public and private sources of funding to deliver the technological revolution that Europe needs.
Discussions focused on how a project can reach financial close. Specifically, speakers and participants exchanged views on what makes an innovative clean tech project attractive for financiers, how to balance profitability and innovativeness, how to structure the financing of innovative clean tech projects, and what added value the Innovation Fund can bring to investors and project promoters.