A €2.3 billion (£1.9bn) scheme to support Finland’s transition towards a net zero economy has been approved by the European Commission.
It consists of three measures, with the first supporting investments in energy production from renewables, electricity or thermal storage and storage of renewable hydrogen, biofuels, bioliquids, biogas, biomethane or biomass fuels.
The second measure will help companies to reduce greenhouse gas emissions from their production processes by at least 40% and/or cut their energy consumption by at least 20%.
The third measure will support investments in technologies such as batteries, solar panels, wind turbines, heat pumps, electrolysers and carbon capture, usage and storage (CCUS).
Teresa Ribera, Executive Vice-President for Clean, Just and Competitive Transition said: “This scheme will help to address the increasing demand for renewable fuels and incentivise Finnish industries to use less polluting equipment, move away from fossil fuels and save energy.
“It will also accelerate the transition to a climate neutral economy through the support of key investments, while ensuring that any potential competition distortions are kept to the minimum.”
