Early green tech failures cast doubt on Europe's $40 billion ‘must-succeed' innovation fund [Fortune]
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Source: Fortune
These are a handful of the early results from the European Union's Innovation Fund, a €40 billion ($43 billion) investment vehicle at the core of Europe's plans to overhaul its economy to be zero-carbon by the middle of the century . It's also part of the EU's counter to the US Inflation Reduction Act: Officials hope the subsidies will keep key industries from decamping overseas. While the fund is still fairly new and backs dozens of projects, including the world's first major green steel plant, some of them — especially in the manufacturing and hydrogen sectors — have struggled to get off the ground. The Innovation Fund is one of the “must-succeed” programs to ensure that new technologies can quickly play a major role in bringing down EU emissions, according to Marcus Ferdinand, chief analytics officer at Oslo-based research firm Veyt. If its early stumbles turn out to be widespread trends, that will be a worrying sign for the bloc's ability to hit its 2040 climate targets. Si
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