Funding for the Net-Zero emissions industry regulation
Originally, there were hopes for a new European fund with fresh funds to support the regulation's objectives. However, due to the reluctance of some Member States regarding a sovereignty fund, the Commission instead proposed utilising existing funding programs. The instrument, known as the European Strategic Technology Platform (STEP), would be built upon programs such as InvestEU, the Innovation Fund, Horizon Europe, and others. An additional ten billion euros would be allocated to selected programs, along with existing financial incentives, potentially generating around €160 billion in private investments for projects supporting European sovereignty and clean technologies. Projects contributing to the Step program's objectives may receive a "seal of sovereignty" to attract funding and facilitate combined financing from various EU budgetary instruments, especially for strategic projects related to the Net Zero Emissions Regulation.