European Commission’s €4.8 billion net-zero investment benefits maritime sector

The European Commission has committed €4.8 billion from emissions trading revenues to support 85 innovative net zero projects through its Innovation Fund, raising its total investment to €12 billion

The European Commission this week pledged €4.8 billion of emissions trading revenues to fund new net zero projects, including those for transport, which will benefit the maritime industry in particular.

The Commission has selected 85 net zero projects with a cleantech manufacturing focus to receive the grants from the Innovation Fund, which takes the total amount of support from the Commission’s Innovation fund to €12 billion, it said on Wednesday October 23.

The projects span an array of sectors including net-zero mobility such as maritime and aviation and renewable energy and are a mixture of large, medium and small, alongside pilots, located in 18 countries: Belgium, Denmark, Germany, Estonia, Greece, Spain, France, Croatia, Italy, Hungary, Netherlands, Austria, Poland, Portugal, Slovakia, Finland, Sweden and Norway.

The selected projects will deliver 61 kilotonnes per year of renewable fuel of non-biological origin (RFNBO), contributing to increasing the use and production of renewable energy in hydrogen in hard-to-abate applications in the transport and industrial sectors.

A range of projects focused on net-zero mobility that were awarded funds will predominantly focus on the maritime sector, the Commission said.

“These projects involve building and retrofitting vessels for RFNBO fuels and electricity use, as well as reducing emissions in road transport component manufacturing,” the Commission said, adding that awarded projects will also support sustainable transport fuels, producing 525 kilotonnes per year of renewable fuels.   

Among the projects targeting the transport sector are Samskip Holding’s H2ydroShuttle project in the Netherlands, which aims to design the first high-speed zero emission short sea container service powered by multi-megawatt liquefied RFNBO hydrogen fuel cells.

Additionally, an Italian project to produce the first hybrid decarbonization platform for passenger ships – dubbed Indigo and run by Princess Cruises – will provide “space, time and cost-efficient retrofitting with improved operational efficiency and reduction of emissions and impacts.”

Additionally, the fund will invest in Evoy’s Norwegian project Cormorant, which is looking to develop a large-scale manufacturing facility for electric motors for maritime transport.

The Hermes project in France, led by Aura Aero, is aiming to produce hybrid electric regional aircraft for sustainable aviation.

The selected projects are all due to begin operations before 2030 and over their first ten years of operation are set to reduce emissions by about 476 million tonnes of CO2 equivalent, the Commission said in a statement.

“New projects in the maritime, aviation and road transport sectors will boost efforts to reach clean mobility,” Commissioner For Climate Action and responsible for transport Wopke Hoekstra said.

What to read next
The US forestry sector is undergoing a transformation as timberland managers increasingly diversify beyond traditional operations to embrace forest carbon projects, conservation, renewable energy, and carbon capture initiatives.
French milling wheat exports from the port of Rouen reached their greatest volume in the past 16 weeks, with 87,000 tonnes of milling wheat exported in the week to March 26, according to data released by French port operator Haropa on Thursday, March 27. While the 87,000 tonnes is a relatively large volume of weekly […]
The National Petroleum, Natural Gas and Biofuels Agency (ANP) denied late on Thursday, March 27, a request from Brazil’s National Union of Fuel and Lubricant Distribution Companies (Sindicom) to suspend the mandatory biodiesel blend in diesel for 90 days in the country. Brazil currently has a mandatory blend of biodiesel in diesel at 14% (B14), […]
AG-SYB-0078 Crush Margin China Soy (Brazil) March 20, 2024:M1: 104.25 yuan per tonneM2: 63.25 yuan per tonneM3: 43.25 yuan per tonneM4: -44.75 yuan per tonneM5: -122.25 yuan per tonneM6: -132.75 yuan per tonne August 21, 2024:M1: -5 yuan per tonneM2: -6.75 yuan per tonneM3: -50.25 yuan per tonneM4: -100.5 yuan per tonneM5: 23.5 yuan per tonneM6: 34.5 yuan per tonne AG-SYB-0079 Crush Margin China Soy (US Gulf) March 20, […]
The European Commission is considering delaying a first set of countermeasures to US tariffs on aluminium and steel until mid-April, EU trade chief Maroš Šefcovic said on Thursday, March 20. The measures, announced on March 12, cover a wide range of agricultural and industrial goods including potentially some wood products, pulp, paper and board. The […]
In the week to March 13, US soybean meal and soybean cake sales fell slightly, while exports increased, the latest USDA figures released on Thursday, March 20 showed. US 2024-25 soybean meal and cake sales reached 182,200 tonnes, down by 1% on the week and by 20% from the four-week average, but within average market […]