The Innovation Fund continues to support the deployment of net-zero emission technologies across Europe. The fund is financed by revenues from the EU Emissions Trading System (EU ETS). A total of 54 projects selected under the 2024 call for proposals for zero-emission technologies (the IF24 call), have already signed grant agreements, marking the start of the implementation phase for a new wave of decarbonization projects. In total, the projects will receive €2.7 billion, with support for individual projects ranging from €1.8 million to €216 million.

The selected projects span 17 countries and 17 different industrial sectors, reflecting the diverse range of innovative technologies ready for scaling up. They support a wide range of solutions, including refineries, cement and lime, manufacturing, and renewable energy such as solar or wind, as well as maritime, air, and road transport (zero-emission mobility). Once operational, the projects are expected to save approximately 210 million tons of CO₂ emissions over the first ten years.

Six more projects from the IF24 reserve list have also been invited to begin preparing their grant agreements (GAPs). These projects are eligible for up to €491 million in grant funding from the Innovation Fund, with support for each individual project ranging from €17 million to €255 million.

Projects from the reserve list are invited when initially selected projects withdraw from the grant agreement preparation process. The six projects were invited from the reserve list based on their ranking.

At present, there is only one project in Bulgaria that has secured funding from the Innovation Fund. Project ANRAV provides for the capture of approximately 800,000 tons of CO₂ per year from the Heidelberg Materials cement plant in Devnya and its transport for safe and permanent storage in the immediate vicinity of the plant.