The European Commission has approved a €2.3bn Finnish scheme to support investments in strategic sectors and help industrial companies decarbonise their production processes and transition to a Net Zero economy under a three-pronged approach.
The first measure will support investments in the production of energy from renewable sources (excluding electricity generation), electricity or thermal storage and storage of renewable hydrogen, biofuels, bioliquids, biogas, biomethane or biomass fuels.
The second will fund decarbonisation of industrial production processes by helping companies to reduce greenhouse gas emissions from their production processes by at least 40% and/or reduce their energy consumption by at least 20%.
The third will support investments for the production of strategic equipment (batteries, solar panels, wind turbines, heat-pumps, electrolysers and carbon capture usage and storage), as well as key components designed and primarily used as direct input for the production of such equipment or related critical raw materials necessary for their production. The Commission approved the aid measure under EU State aid rules.
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