Europe Fast-Tracks Industrial Electrification With €1B Auction ...Middle East

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Europe Fast-Tracks Industrial Electrification With €1B Auction
source : OILPRICE ( Middle East ) () 55
The European Commission’s announcement of the first-ever EU-wide industrial electrification auction marks more than a new funding mechanism; it represents a philosophical shift in how Europe intends to decarbonize its industries, and a signal that, at least for now, electrons are pulling ahead of molecules in the energy transition race. With a budget of €1 billion under the Innovation Fund, the pilot auction will subsidize the direct electrification of industrial process heat, one of the most stubborn and carbon-intensive parts of the…

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