European Court of Auditors publishes report on Innovation Fund

The European Court of Auditors (ECA) has issued a new report highlighting concerns about the pace at which the EU Innovation Fund is being deployed. The auditors stress that, despite the fund’s strong potential to boost European competitiveness and advance climate objectives, its impact so far has been limited.

With an estimated budget of €40 billion up to 2030, the EU Innovation Fund was designed to support the market uptake of clean technologies, and to facilitate the transition to a climate-neutral economy. According to the ECA, disbursements have been relatively slow, and the fund’s concrete contribution to reducing greenhouse gas emissions has so far remained modest.

The report does not question the strategic importance of the fund, which it describes as a crucial instrument in the EU’s climate policy toolbox. Instead, the auditors urge the European Commission and other stakeholders to streamline procedures and accelerate implementation, so that promising projects can move more quickly from planning to deployment.

By improving the speed and effectiveness of the fund’s use, the ECA suggests, the EU would be better positioned to deliver on its climate ambitions while strengthening its technological leadership in global clean-tech markets.

For more information:

ECA Website