Subject matter
This Regulation lays down detailed rules supplementing Directive 2003/87/EC as regards:
(a)
the operational objectives of the Innovation Fund established by Article 10a(8) of Directive 2003/87/EC;
(b)
the forms of support provided under the Innovation Fund;
(c)
the application procedure for the Innovation Fund support;
(d)
the procedure and criteria for project selection under the Innovation Fund;
(e)
disbursement of the Innovation Fund support;
(f)
the governance of the Innovation Fund;
(g)
reporting, monitoring, evaluation, control, and publicity concerning the operation of the Innovation Fund.
Definitions
For the purposes of this Regulation the following definitions apply:
(1)
‘financial close’ means the moment in the project development cycle where all the project and financing agreements have been signed and all the required conditions contained in them have been met;
(2)
‘entry into operation’ means the moment in the project development cycle where all elements and systems required for operation of the project have been tested and activities resulting in effective avoidance of greenhouse gas emissions have commenced;
(3)
‘small-scale project’ means a project with a total capital expenditure not exceeding EUR 7 500 000.
Operational objectives
The Innovation Fund shall have the following operational objectives:
(a)
to support projects demonstrating highly innovative technologies, processes or products, that are sufficiently mature and have a significant potential to reduce greenhouse gas emissions;
(b)
to offer financial support tailored to market needs and risk profiles of eligible projects, while attracting additional public and private resources;
(c)
to ensure that the revenues of the Innovation Fund are managed in accordance with the objectives of Directive 2003/87/EC.
Forms of the Innovation Fund support
The Innovation Fund support to the project may take the following forms:
(a)
grants;
(b)
contributions to blending operations under the Union investment support instrument;
(c)
where necessary to achieve the objectives of Directive 2003/87/EC, funding in any of the other form laid down in Regulation (EU, Euratom) 2018/1046 (the ‘Financial Regulation’), in particular prizes, and procurement.
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.
