A new £8.5bn fund to develop clean energy technologies has been unveiled by the European Commission.
The funding will be used to support a range of areas including carbon capture and storage, renewables and energy storage.
It comes after the commission adopted a goal in November to reduce CO2 emissions to a minimum in Europe by 2050.
The first call for proposals for the Innovation Fund is aimed to launch in 2020, followed by regular calls through to 2030.
The funding will pool together resources totalling £8.5bn, including undisbursed revenues from its predecessor, the NER 300 programme.
Commissioner for claimate action and energy, Miguel Arias Canete said: “Less than three months after adopting our strategic vision for a climate neutral Europe by 2050, we are putting the money where the mouth is.
“Our objective is to keep building a modern, competitive and socially fair Paris-aligned economy for all Europeans. For this to happen, we will need deployment of clean innovative technologies on an industrial scale.
“This is why we are investing in bringing to the market highly innovative technologies in energy intensive industries, in carbon capture, storage and use, in the renewable energy sector and in energy storage.
“We are today unleashing technological solutions in all Member States and pressing the fast-forward button in our transition to a modern and climate-neutral society in Europe.”