The European Union has announced a major step towards a greener future by awarding €4.8 billion in grants from the Innovation Fund to 85 innovative net-zero projects. These projects, spanning various sectors like renewable energy, energy storage, and net-zero mobility, are strategically located in 18 European countries, showcasing a strong commitment to sustainable development. Over their initial ten years, these projects are anticipated to collectively reduce greenhouse gas emissions by around 476 million metric tons of CO2 equivalent, significantly contributing to the EU's decarbonization objectives and reinforcing Europe's global leadership in clean technology. The Innovation Fund supports industrial innovation aligned with the Net-Zero Industry Act (NZIA), focusing on the manufacturing of essential components for renewable energy systems and investing in technologies like electrolyzers, fuel cells, and energy storage. Moreover, priority is given to projects aiding energy-intensive industries in reducing their carbon footprint through initiatives such as renewable energy integration and industrial carbon management. Noteworthy projects include the Danube Removals project in Hungary, marking the EU's first onshore CO2 storage initiative, and the StarFish project in Norway, featuring innovative floating injection and storage technology. The fund also addresses geographical disparities in CO2 storage access across Europe by selecting projects in regions like the Mediterranean. Furthermore, the Innovation Fund is backing the development of renewable hydrogen for various industrial and transport applications. The support for CO2 storage projects beyond the North Sea, particularly in areas like Spain and Italy, is seen as crucial for decarbonizing industries with significant CO2 emissions. In the mobility sector, the funded projects will aid in reducing emissions, especially in maritime and road transport, by promoting RFNBO fuels and sustainable transport fuel technologies. The evaluation process for project selection was based on criteria such as emission reduction potential, innovation level, and financial viability. Looking ahead, the European Commission plans to launch the next call for proposals under the Innovation Fund in December 2024, inviting innovative projects to further drive Europe's green transition.