The European Commission has announced the selection of 85 net-zero projects to be recipients of a significant grant of €4.8 billion from the Innovation Fund. These projects cover a variety of sectors including energy-intensive industries, renewable energy, energy storage, industrial carbon management, net-zero mobility (including maritime and aviation), and buildings across 18 countries in Europe. The projects are expected to be operational before 2030 and aim to collectively reduce emissions by approximately 476 million tonnes of CO2 equivalent in their first decade of operation. The Commission highlights the importance of these initiatives in enhancing European industrial manufacturing capacity, technology leadership, and resilience in supply chains, all while contributing to decarbonization objectives. Key focus areas of the selected projects include renewable hydrogen production, net-zero mobility solutions (especially in the maritime sector), cleantech manufacturing, and industrial carbon management. The projects will play a significant role in delivering renewable fuel of non-biological origin, cutting emissions in the mobility sector, supporting cleantech manufacturing for wind and solar energy components, and enhancing energy-intensive industries' sustainability. The grant recipients will finalize their agreements with the European Climate, Infrastructure and Environment Executive Agency in early 2025. Additionally, the European Investment Bank will provide project development assistance to promising yet less mature projects. The Innovation Fund has previously allocated €7.2 billion to over 120 innovative projects, with plans for the next call for proposals to be launched in December 2024.