About

The European Commission has proposed a funding programme worth billions for the period 2021-2030 (with some amount possibly made available before 2021). Called ETS Innovation Fund, it will build on the NER300 programme which saw 2.1 bn EUR awarded to 38 innovative renewable energy and one CCS project. ETS Innovation Fund will additionally include measures to decarbonise industrial production.

The debate on ETS Innovation Fund’s function and form is underway now. In 2017 the European Parliament and Council of Ministers will likely adopt the primary legislation that will set it up.

This website is unofficial and independent, providing

  • News
    ...to keep you up to date with the latest developments, key dates and deadlines
  • Analysis
    ...understand the NER400 Innovation Fund as it takes shape
  • A point of contact
    ...to help you explore any specific plans you may have
Jun 09 2017

Previewing Monday’s DG CLIMA event: the sectoral roundtable wrap-up

This article previews some of the ideas that might be aired at DG CLIMA’s event on 12 June 2017, Final event: Presentation of the report of recommendations from the sectorial consultation roundtables.

What kind of fund is ETS Innovation Fund?

The financial community understands “fund” as something quite different to the way the word is usually used in Brussels. A banker told the roundtable he was chairing, “I didn’t hear the word ‘IRR’ once […]. There’s quite a lot of work to be done on how this fund is going to look like a fund.” Tomas Wyns, in his January 20th presentation, displayed slides saying that Innovation Fund “can enable/provide next layers of finance (equity, mezzanine, senior & minor debt, guarantees)”. The roundtables did not reach consensus on which of ‘enable’ or ‘provide’ the Innovation Fund should aim to do.

Grants, please

“The line ‘grants are highly appreciated’ could be the quote of the day,” joked Vincent Gilles, the moderator of the finance session for renewables and storage at the 6 April event. Various speakers had spoken up for grants while recognising the usefulness of other forms of financing.

Size of projects

“Investment needs for industry-size low carbon plants/processes may be in the range of 0.5-1 bn EUR for one single large process,” wrote Wolfgang Eichhammer on his January 20th slides. The rapporteur for the ferrous metals roundtable sensed tacit agreement for the suggestion that a commercial first-of-its-kind demonstration project could cost twice that amount. This would imply 300 M EUR of funding, said Theo Henrar, thinking of his company’s clean steel production technology ‘Hisarna’. This is line with the maximum found to be necessary by the consultancy Adelphi.

While stakeholders have argued about the extent to which ETS Innovation should fund early-stage research, Jos Delbeke (Director General of DG CLIMA) has clear ideas: “It is a fund for demonstration new technologies in the private sector […] and not PhDs”. This was also the line he took in June 2016.

Rules of the game

Summing up the deliberations of the renewables roundtable on 6 April, Hans Bünting said “There are a lot good things that can be taken from NER300 into the new fund. There are some proven procedures and principles but also of course there’s some room for improvement […]: clear and transparent selection criteria which go beyond the technology evaluation.” Patrick Clerens shared the following on behalf of the energy storage sector: “It is really necessary to make sure that on one side we have technology neutrality but if you end up with the situation that of the 5-6 sectors that could make up the fund only one is selected [there should be possibility “to balance out” the funding].”

The cement sector came up with a number of specific ideas for project selection rules including a ranking criterion that evaluates the CO2 saving of demonstration projects in different sectors against a recognised benchmark.

The metals sector pleaded for a programme that is “simple and flexible as possible in all respects such as what TRL levels to be financed, number and size of applications, funding tools applied, their tenor, potential interaction with other funding tools, etc.”

But the EC dampened expectations that Innovation Fund would be a one-stop shop providing all financing needs. Artur Runge-Metzger said on 20th January, “What we know from the experience of NER300 is that this will require a more flexible approach than we had in the past. It might require a more tailored approach. This might imply an increase in administrative complexity. It’s not going to be as simple and straightforward as the NER300. The instrument must be manageable. The one-stop shop sounds absolutely great, but it could be a big marketplace with many things and could create complication.”

  1. NER400.com’s comment

    The strangest feature of these roundtables was that participants were not briefed on the primary legislation now being negotiated between Council and European Parliament. The time spent discussing the desirability of making NER300 support dependent on reaching construction milestones rather than on successful plant operation was time wasted. Payment-by-milestones will be allowed to between 40% to 60% depending on whether the final text more closely reflects the Council’s or EP’s wishes.

    Equally, there was no point complaining about the involvement of Member States in the ETS Innovation Fund (which many did). Their involvement is about to be fixed in law. Neither Commission, Council or EP have proposed to change the wording that shaped NER300, namely that “support for projects shall be given via Member States”.

    Given the closeness of the text being finalised now to the text that defined NER300, it is difficult to see how the two could operate very differently.

May 16 2017

Steps in the shaping of ETS Innovation Fund

***UPDATE 24 May 2017: Registration open for “Presentation of the report of recommendations from the sectorial consultation round tables” (wrap-up event ‘Conference 3’) — deadline 7 June. Agenda.***


This table recaps the different stages in the shaping of ETS Innovation Fund. The next event is the wrap-up event on 12 June. Registration not yet open.

Timing What Output
08 May to 31 July 2014 Public consultation 1: “Consultation on Emission Trading System (ETS) post-2020 carbon leakage provisions” Analysis
19 Dec 2014 to 17 Mar 2015 Public consultation 2: “Consultation on revision of the EU Emission Trading System (EU ETS) Directive” Analysis
15 July 2015 ETS and Impact assessment Europa.eu
9 June 2016 Conference 1: “High Level Round Table on Low-Carbon Innovation” Article
20 Jan 2017 Conference 2: “Finance for innovation: Towards the ETS Innovation Fund”

Presentations:

6 Feb Sectoral roundtables:

  • Ferrous metals
  • Non-ferrous metals

(invitation-only)

3 non-public reports: innovation needs for both sectors + joint report on financing needs
23 March Sectoral roundtables:

  • Oil & refining
  • Chemicals & bio-based
  • Pulp & paper

(invitation-only)

4 non-public reports: innovation needs for both sectors + joint report on financing needs
6 April Sectoral roundtables:

  • Cement & lime
  • Glass & Ceramics
  • Renewable energies
  • Storage

(invitation-only)

6 non-public reports: innovation needs for all sectors + joint report for cement & lime and glass & ceramics on financing needs + joint report for renewable energies and storage on financing needs

The EC said it would publish the questions put to the participants in these workshops, but it has not. It also said it would publish the presentations, but it has not, possibly because speakers refused to allow this.

April Online survey Survey of about 150 companies or associations by CLIMA’s consultants to gain knowledge of specific projects’ financial needs and asking pointed questions about the design of ETS Innovation Fund.
12 June Conference 3: Wrap-up of stakeholder roundtables

Each sectoral roundtable report is presented by its writer. A consolidated summary of the full thirteen, which the EC should have in its possession “by the end of May” (Doubrava, 6 April) is published by the EC. It will include a list of the participants in the roundtables.

This final event “is probably where we from the Commission side will become a bit more outspoken in terms of what we think could fly from all the ideas we have been hearing,” said Artur Runge-Metzger on 20 Jan.

  Public consultation 3 Described by Runge-Metzger as a “web-based stakeholder consultation”, he downplayed its usefulness because he said it will not afford the opportunity for stakeholders to be questioned by each other and the Commission, unlike the roundtables.
2020, maybe 2019 First ETS Innovation Fund awards made Artur Runge-Metzger on 20 Jan: “ETS Innovation Fund will provide money as of 2020 – around that date. Maybe it’s 2019 if we are lucky.”
May 07 2017

Job opening at DG CLIMA

***UPDATE 28 June 2017: a new member of staff has been hired.***


DG CLIMA is looking for a replacement for one of its team managing NER300 and ETS Innovation Fund, among other responsibilities. It is offering a position for a Contract Agent (FG IV). The job description is here.

Jan 15 2017

2017 predictions for ETS Innovation Fund

By the end of Feb 2017 the European Parliament and Council are expected to have taken their respective positions on the Phase 4 of the Emissions Trading Scheme, including the outline of ETS Innovation Fund. By the end of the year, agreement between the two institutions will likely have been reached. In parallel, DG CLIMA will, in the background, prepare draft secondary legislation to create an ETS Innovation Fund consistent with Parliament and Council’s wishes. Here are some predictions for where we might end up a year or a year-and-a-half from here.

ETS Innovation Fund divided into indicative shares for industry and energy

Recognising the difficulty in comparing projects in such different areas as low-carbon processes in industry, renewable energy production, CCS and energy storage against each other, the EC will propose ex ante an indicative share of the ETS Innovation Fund pot for the main categories of eligible technology. This is standard practice in the EC’s other major funding programme for innovation in energy, Horizon 2020. But the EC will be sure to keep a mechanism that allows it to transfer budget from one category to another. Such a mechanism existed in NER300 and was very useful when CCS proved to be much less commercialisable than initially supposed.

The European Parliament’s Innovation Fund amendments will almost all disappear in trilogue

‘Trilogue’ refers to the untransparent phase of EU lawmaking, when, away from public view, the small number of MEPs most closely involved in drafting the European Parliament’s position (Rapporteurs and Shadow Rapporteurs) and representatives from the Council (from the country holding the Presidency) discuss how to reconcile their sets of amendments. The EC mediates.

The European Parliament will try hardest to defend the increase in the Innovation Fund size from 400 to 600 million EUAs. Both rapporteurs, Ian Duncan and Fredrick Federley proposed this in their initial draft responses (article here and here). The EC seems quite supportive.

The allowances could potentially come from two places: the pool of allowances that would otherwise be auctioned, or from the pool that are allocated for free. There seems to be agreement on the source of the first 400 million: the freely allocated share. ITRE’s suggestion of taking the additional 200 million from the auctioned share, to which the 50 million to be transferred into ETS Innovation from the Market Stability Reserve originally belonged, will be adopted. [CORRECTION: Amendment 46 of the European Parliament’s report states they should come from the auctioned share.]

The Council, keen to see small projects funded and a good spread of projects between countries, will in turn demand that the maximum payment one project can get will be reduced from 15% of the expected total pot to 10%.

In addition, the origin of allowances will be used to determine the indicative split between industry and energy projects. The power sector obtains its EUAs from auctioning, so it will seem fair that 250 M out of 650 M EUR is for energy projects. Heavy industry, meanwhile, is freely allocated most of its allowances, so indicatively 400 M will be for industry.

ETS Innovation Fund will remain, essentially, a grant-funding scheme

Schemes that provide non-grant finance to innovative energy (or low-carbon industrial) projects are growing in number and capacity. EFSI has been launched and will be extended. EDP Innovfin, which can support riskier projects than its predecessor, the Risk-Sharing Finance Facility, will also soon be given a cash infusion from the awards made to cancelled NER300 projects.

Sources of grant funding are less common. ETS Innovation Fund’s niche will be that it provides grant funding, to be complemented by the panoply of financial instruments available from other facilities. This approach will be popular with stakeholders. Focusing ETS Innovation Fund on one form of funding will be found to minimise the complexity of administering ETS Innovation Fund, particularly the ranking of projects. This is important as many stakeholders have appealed for simplicity.

The practice of periodically ‘flushing’ cash from failed ETS Innovation Fund projects to EDP Innovfin (or its post-2020 successor), established in NER300, will become standard. The possibility to directly send a portion of the 650 M EUA to EDP Innovfin will not be excluded either.

Targeted calls

One of the biggest decisions the EC will need to make is whether to keep a project’s “innovative-ness” as an eligibility criterion, or make it a selection criterion. In NER300, innovative-ness was an eligibility criterion: a project had to respond to one of a list of defined technological challenges. If it did, it progressed to the next stage of scrutiny. If innovative-ness were a selection criterion, calls could be more open as there would be no need to define ex ante the technology challenge that projects should address.

Different approaches will be taken for energy projects and industrial projects.

Energy projects will need to meet one of a list of defined technological challenges. In contrast to NER300, that list will be updated often in a relatively transparent process. Stakeholder groups will be consulted, possibly as part of a SET Plan exercise.

The industrial sectors targeted by ETS Innovation Fund will be those at significant risk of carbon-leakage. There are very many, from ‘Manufacture of other knitted and crocheted apparel’ to ‘manufacture of flat glass’ and each will have its own set of options for reducing CO2 emissions per unit output. Luckily, there will be no need to anticipate them all because it will be possible for the EC simply to say that projects must deliver a specific CO2 emission of at least 20% better than best-available-technology. The greater the CO2 reduction beyond that threshold, the better the project’s standing in the competition. Such benchmarks exist, for example to determine the number of EUAs to allocate to industrial plants for free. This approach will be consistent with the European Parliament’s wishes and have the support of a leading NGO in the ETS Innovation Fund debate, Carbon Market Watch.

Jan 15 2017

Wrap-up of 2016: state of play in European Parliament and Council

This article is adapted from a piece written for Carbon Pulse of 15 Dec 2016.

The end of 2016 saw the two lead committees on ETS Innovation Fund in the European Parliament, ITRE and ENVI (shorthanded to “European Parliament” in the rest of this piece), adopt their amendments to the European Commission’s (EC’s) proposals. First ITRE voted, on 10 Nov; then ENVI on 15 Dec.

Member States were not ready to adopt their set of amendments on the Emissions Trading Scheme at the Environment Council meeting of 19 Dec, but from the document reflecting the state of their discussions, and their statements in the meeting (Sweden, Luxemburg, Czech Republic, Germany, Estonia), it looks like their position on ETS Innovation Fund is settled.

European Parliament going for a big and generous Innovation Fund — Council reluctant to follow

Like ITRE, ENVI wants a bigger Innovation Fund, made up of 600 million allowances, not the 400 million proposed by the EC. The EC had proposed that a maximum of 15% of the allowances could go to one project. MEPs did not decrease this limit to compensate the increased size of the Fund.

Innovation Fund’s predecessor, NER300, capped “relevant costs” at 50%, and this equated, typically, to around 30-40% of project CAPEX. ENVI voted to be more generous with Innovation Fund, allowing requests of up to 75% of relevant costs, but MEPs never put forward analysis to support that decision. The Commission did not set a good example: its defence of a 60% cap, set out in the Impact Assessment accompanying its proposals, is threadbare (see this article for more). The Council sticks with the EC’s cap nonetheless.

Enlarged scope: European Parliament and Council want funding for energy storage technologies

The co-legislators want ETS Innovation Fund’s scope enlarged: energy storage technologies should be included. They underlined the need to fund CCU — carbon capture and use, which was implicitly already covered by the EC’s proposal — where it “contributes substantially to mitigating climate change” (Council’s phrasing). The European Parliament also underlined bio-based materials.

European Parliament wants even looser link between project performance and award payout

ENVI Rapporteur Ian Duncan was keen to break the link between a project’s performance and its right to keep its award. The Committee took up his suggestion to allow up to 60% of the award to be paid out on effort alone: provided a project meets milestones in construction and commissioning it can keep up to 60% of its award. This would mean, in the extreme case, that only 40% would be payable on the project actually working.

The Member States prefer not to depart from the Commission’s proposals, by which no more than 40% of the award may be paid out on effort alone.

Council makes the 50 M EUAs from the Market Stability Reserve an integral part of ETS Innovation Fund

The Council re-arranged the EC’s text relating to ETS Innovation Fund to more clearly show that the 400 M carbon allowances for ETS Innovation Fund and 50 M allowances from the Market Stability Reserve will be put towards one and the same funding programme.

European Parliament votes for fuzzier selection criteria

MEPs want energy projects in the ETS Innovation Fund to be selected in part for their “future prospects to significantly lower the costs of transitioning towards low-emissions energy production”. Again, the Council prefers the Commission’s language, namely to use “objective and transparent” selection criteria. This was the principle that governed NER300’s design, interpreted in the NER300 Decision to mean that all projects would compete on a measure known as “cost-per-unit-performance”. That measure allowed the many and disparate renewable energy projects to be compared with each other, and was computable from nothing more than those projects’ internal financial and production forecasts.

Roland Schulze, the EC’s counterpart in the European Investment Bank for NER300, gave his views on ETS Innovation Fund’s selection process on 16 Jun 2016.

Jan 13 2017

Factual mistakes

…in amounts awarded

“23 projects were awarded €1.5 billion.”

— page 123 of the EC’s Impact Assessment

No. In the first call, only 1.21 bn EUR was awarded (Dec 2012 Award Decision), although the EC had raised 1.5 bn EUR for projects (July 2012 SWD). The EC preferred to roll some money over to the second call than to award it all in the first call.

… in size of the awards

“The NER 300 funding for RES projects ranges from €7 to €203 million.”

— page 126 of the EC’s Impact Assessment

Wrong: the smallest NER300 award is of 3.9 M EUR to a project in Latvia.

…in the amount of energy projects will produce

“The awarded RES projects are estimated to increase the annual EU renewable energy production by some 18 TWh”

— page 123 of the EC’s Impact Assessment

Wrong: it is 22.5 TWh. This number is obtained by dividing, for each RES project in the applicable amended award decision, the project’s maximum funding amount by the funding rate (or adjusted funding rate in the case of a part of the award being paid upfront), then summing the results and dividing by 0.75 to account for the fact that the maximum funding amount will have been irrevocably disbursed once 75% of bid production has been achieved. 18 TWh is number derived if you forget to divide by 0.75.

  1. NER400.com’s comment

    The projected quantity of energy produced from NER300 installations, quoted as a ‘result’ of the programme, is in any case of doubtful relevance. A better way to evaluate NER300’s success would be to focus on its proximate aim, which is to bring about the rapid replication of the supported technologies without further special financial support. More suitable criteria for success would therefore have been the speed at which projects are built and at which a Project Sponsor or his competitors subsequently deploy the same technology, or a next-generation version of it. This is a view that Gernot Klotz who spoke at DG CLIMA’s first ETS Innovation Fund event, the June 2016 High Level Round Table on Low-Carbon Innovation, would share.

Jan 13 2017

False memories

Indicative shares that were never there

The Impact Assessment says,

“Indicative shares for CCS and RES projects with a smooth spill over possibility between the groups were crucial under the NER 300 programme to ensure the allocation of all available funds.”

(The association EURIMA happens to agree, calling for the principle to be maintained: “Criteria should be flexible enough so as to avoid that part of the funds remain unused if some of the selected projects do not materialise (as might be the case with CCS in the current NER 300 facility).”)

There were no “indicative shares for CCS and RES” in NER300. The shares of funding for CCS and RES depended on the amount of NER300 funding requested by confirmed projects. There was no way before running the competition to know how many confirmed projects in CCS and RES there would be or how much each, on average, would ask for. The text claims the “possibility for smooth spill-over” was crucial, but rules made the magnitude and direction of the spill unpredictable. Furthermore, they were never applied (in the first call, there were 0 confirmed CCS projects; in the second, the funding available exactly managed the funding requested by all the eligible projects in the competition).

…of the reasons for projects not being ‘confirmed’

The Impact Assessment says, of the first call,

“36 [projects] were either not confirmed by Member States or could not be supported due to insufficient funds.”

It would have been more accurate to write,

“36 were not confirmed by Member States either because of the maximum-3-projects-per-Member-State rule or because the EC did not invite them to confirm them.”

The EC requested the MS to confirm only those projects mentioned in the Staff Working Document of July 2012:

“In order for the Commission to adopt award decisions by end 2012, all Member States with candidate or reserve projects on the list in the Annex are requested to proceed swiftly to confirm for all candidates support as well as the national funding contributions”

The consequence of this was that when, at the last minute, the ULCOS CCS project withdrew, there were no projects the EC could award instead.

Jan 13 2017

Airbrushing history

The Impact Assessment says,

“The first call’s cycle lasted 25 months and this may seem as too long, but one has to bear in mind that the first call was also a learning curve for all involved parties. Considerable improvements, due to the streamlining of the process, were made during the second call and that lead (sic) to a much shorter cycle of 15 months.”

These sentences, while not strictly wrong, misrepresent the reason for the length of time to launch and conclude the first call. The circumstances that led to the protracted timing were never likely to be repeated in the second call or indeed in any subsequent call. This is because the delays were due to poor coordination with the process to set up the ‘single union registry’ for carbon allowances, which only needed to be done once.

The monetisation of the 200 million NER allowances for the first call could only begin with the registry in place (Bloomberg article 9 Nov 2011) and it was set up late. Within a couple of days of the adoption on 18 Nov 2011 of the regulation establishing the registry, the EC confirmed that it would “proceed swiftly with the European Investment Bank (EIB) to account opening to enable the delivery of allowances before the end of the month” (statement by Jos Delbeke).

Thus the start of the monetisation was pushed back, with a knock-on effect on the timing of the selection process (see official Summary Record of Climate Committee Meeting 14 Dec 2011).

The delays that the first call of NER300 would face were apparent to the EC even before it was launched. The EC updated the text of the Decision that had been signed off by Member States on 2 Feb 2010 (here) to extend an important NER300 deadline. Projects would no longer have to enter into operation no later than 31 Dec 2015, but within four years of the award decision.

Dec 15 2016

60% cap on ETS Innovation Fund’s refund rate – why?

The EC has not explained why it proposed that a project’s “relevant costs” under ETS Innovation Fund be refunded at a maximum of 60% and not some other rate.

In 2015 an internal working group in the EC, the Impact Assessment Board, saw a draft of the Impact Assessment and sent it back [See IAB negative opinion] to DG CLIMA saying “The Impact Assessment should clarify the method that was used to determine […] the funding rate”. DG CLIMA’s response, which satisfied the IAB, was to add an annex (Annex 14) to the Impact Assessment containing a sensitivity analysis for the effect of different funding rates on the amounts that the ETS Innovation Fund and Project Sponsor would need to cover for a project of given total cost. The result is straight-line charts (see below) whose shape offers no clue as to why 60%, specifically, was felt to be a threshold.

Furthermore, the assumptions used to draw the charts are flaky. Two approximations are used. The first is that total costs are twice additional (or in NER300’s language ‘relevant’) costs. The basis for this assumption is not explained, although the approximation affects the relative position of the sensitivity analysis curves. The second is that additional costs for a typical RES project are 100 M EUR. This appears to contradict the evidence. The average NER300 award for RES projects was 47 M EUR and they asked, on average, to have 39% of their relevant costs refunded. This means a better estimate of additional costs would have been 120 M EUR.

RES

CCS

ind

Source: copy-paste from EC’s Impact Assessment + additions (red outline).

The EC proposed 60% even though it noted, in July 2015, that “more extensive market testing” would be necessary to justify that or any other rate (see this article). The tender for the market testing would be only be issued one year later.

  1. NER400.com’s comment

    Possibly 60% was chosen because it was the ‘centre of gravity’ between the maximum permissible coverage of investment costs under the current State Aid rules – RES: 65%; energy efficiency: 50%; CCS: 100% – weighted according to where the EC expects to see most ETS Innovation Fund projects. Still, different funding rates could have been proposed for each of these categories, as they are for State aid.

    These State Aid rules (details see Annex I of the Guidelines on State aid for environmental protection and energy 2014-2020) apply for the period 2014-2020, in which time only up to 50 M EUAs-worth of awards will be made. Most of the ETS Innovation Fund will be run during under the State Aid regime that will enter into force subsequently. Relevant State Aid Guidelines for that period will begin to be discussed in 2017. The Impact Assessment says ETS Innovation Fund’s rules need to anticipate them: “the maximum funding rates and further design of the operational modalities would need to be consistent with future State Aid rules.” MEPs, in their amendments to the draft legislation, agreed (see Compromise 12, adopted by ENVI committee today).

Sep 16 2016

European Commission gently promoting an increase in the Innovation Fund pot beyond its proposal

***UPDATE 27 Jun 2017: Commissioner Cañete, participating in today’s trilogue meeting, reportedly says he would like an agreement on the size of the Fund to be found between the Council’s (450 M EUA) and Parliament’s (650 M EUA) positions.***


***UPDATE 12 Jun 2017: Director General Jos Delbeke says of the negotiations between the European Parliament and Council on the size of ETS Innovation Fund, “With good winds we could get higher amounts than 450 M EUA. It would not be the European Commission standing in the way.” He was speaking at the event Final event: Towards the ETS Innovation Fund.***


***UPDATE 13 Feb 2017: Commissioner Cañete tells the European Parliament, “Parliament is discussing to send a clear signal on the need to boost the Innovation Fund for the benefit of European companies and to ensure that the Modernisation Fund spurs decarbonisation in lower-income Member States. When looking at these funds we need to be mindful of their effects on Member States auction revenues and favour elements that would bring the Council and Parliament together”. To recall, the European Parliament called for the allowances to come from the part of ETS allowances that are auctioned, thus depriving the Member States of revenue.

Later in the plenary debate, Jutte Guteland and Bas Eickhout drew attention to the idea of more money for the Innovation Fund.***


Judge for yourself from the quotes below, all made in the last three months. The Commission tends not to draw attention without further comment to amendments it doesn’t like:

9 June

Commissioner Cañete at the High Level Roundtable on low carbon innovation: “[Our proposal] comes with 450 million allowances and I note that both rapporteurs in Parliament have put forward amendments that would see even more allowances.”

20 June

Commissioner Cañete at Environment Council: “Both rapporteurs see the need to increase the endowment of the Innovation Fund from the current 450 M EUA to speed up Europe’s low-carbon transition. That represents a significant amount of money.”

12 July

DG CLIMA Director Mary-Veronica Tovšak Pleterski at European Parliament ITRE committee Consideration of Amendments on Federley Draft Opinion: “I note with interest the reflections about potentially increasing the endowment for industrial projects in the innovation Fund.”