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The European Commission (EC) has approved France’s plan for a EUR-900-million (USD 973.9m) state aid scheme aiming to back companies involved in biomass heat and power generation and the production of green hydrogen.
The programme was cleared under the State aid Temporary Crisis and Transition Framework and, according to the EC, is “necessary, appropriate and proportionate’ to accelerate the green transition.” The Commission said on Wednesday that its implementation will have a pivotal role in cutting fuel dependencies.
Eligible projects will be for new installations and proposals that are “significantly accelerated or scaled up.” All of them should result in the production of energy and fuel for industrial applications and transport.
The state aid will be disbursed until June as direct grants to cover part of the investment cost of the projects. All projects should become operational within three years of the funding allocation.
“By reducing the reliance on imported fossil fuels, it will contribute to the achievement of the EU’s goals. This measure is an important step in the transition to a Net Zero economy, while protecting the level playing field in the Single Market,” said Margrethe Vestager, Executive Vice-President in charge of competition policy.
(EUR 1.0 = USD 1.082) |
