The European Commission has awarded €4.8 billion in grants from the Innovation Fund to 85 innovative net-zero projects across 18 countries in Europe. These projects cover a wide range of sectors such as energy-intensive industries, renewable energy, energy storage, industrial carbon management, net-zero mobility, and buildings. The selected projects aim to reduce emissions by approximately 476 million tonnes of CO2 equivalent over their first ten years of operation, aligning with European decarbonisation objectives. The projects will play a vital role in strengthening European industrial manufacturing capacity, boosting clean energy infrastructure, and enhancing Europe's technology leadership. They are expected to enter into operation before 2030, focusing on key areas like cleantech manufacturing, energy-intensive industries, industrial carbon management, renewable hydrogen, and net-zero mobility. The Innovation Fund's 2023 call for proposals attracted 337 projects, with 85 projects being selected for funding. Successful applicants are set to sign grant agreements with the European Climate, Infrastructure and Environment Executive Agency in 2025. In addition to the awarded projects, the European Investment Bank will provide project development assistance to promising but insufficiently mature projects. The Innovation Fund also introduced the STEP Seal, a quality label awarded to high-quality projects that meet the objectives of the Strategic Technologies for Europe Platform. The Innovation Fund, with an estimated revenue of €40 billion from the EU Emissions Trading System between 2020 and 2030, aims to incentivize investments in advanced net-zero and low-carbon technologies, supporting Europe's transition to climate neutrality. The next call for proposals under the Innovation Fund is scheduled to be launched in early December 2024, continuing to drive innovation and sustainability across Europe.