EU to invest 3 billion euros for clean energy projects

The European Commission has announced that will be providing 3 billion euros for development of clean energy projects and transition from Russian energy to renewable energy.

One billion euros will be invested in projects for renewable energy, energy storage and carbon capture and deployment, for the production of clean fuels for vehicles, including ships and aircraft, the BTA correspondent in Brussels reported.

The same amount will also be provided for hydrogen production projects, as well as technologies for replacing fossil fuels with electricity. With 700 million euros, projects to create new types of batteries and heat pumps will be supported.

It is expected that the evaluation of the proposed projects will start after March next year and will be announced towards the end of the year. Projects that do not receive funding under this program may be supported with funds from the European Investment Bank, the commission’s announcement notes.

It is added that the budget from which the projects will be financed is “filled” from the collected fees on polluting activities, which is expected to reach 38 billion euros by 2030.

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