Promising up to €100 billion, the EU’s proposed Industrial Decarbonisation Bank (IDB) is a new funding programme to support the decarbonisation of European industry. Drawing on a variety of EU funding sources, it comes at a critical moment for a sector under pressure from high energy prices, global competition, and growing exposure to carbon pricing. This support must be deployed effectively, so high-impact projects get built – not just announced.
Europe has no shortage of ambitious plans to lessen the climate impact of heavy industry. Around 276 projects have been selected under the EU’s current Innovation Fund, including roughly 166 in energy-intensive sectors, totalling over €15.8 billion in EU support. Yet, by the end of 2024, only 36 projects had secured the full funding required to move forward to construction.