EU creates €10 billion fund for climate friendly technology

In a bid to make member states carbon neutral by 2050, the EU will invest €10 billion (£8.6 billion) in climate-friendly technology projects. The money, the European commission hopes, will create financial incentives for companies and public authorities to invest in innovative, but potentially risky, low-carbon technologies. The Innovation Fund will cover renewable energy, carbon capture, storage and use, energy storage and energy intensive industries. Both big – more than €300 million – and small projects – under €75 million – will be considered, as long as the technology is advanced enough to have a good chance of reaching the market.