Finland – The European Commission has granted Neste status as an IPCEI (Important Project of Common European Interest), making it the first Finnish company to receive this designation. This status enables national public funding for Neste’s clean hydrogen projects at the Porvoo refinery.
The EU’s first wave of hydrogen IPCEIs, which aims to advance and hasten the production and use of clean hydrogen in Europe, includes the Commission’s approval.
35 businesses in 15 EU Member States received approval from the European Commission on July 15, 2022, to receive IPCEI status for public funding of clean hydrogen research and innovation projects. Neste was the first Finnish company to be chosen in the EU application, a selection process coordinated in Finland by the Ministry of Economic Affairs and Employment and Business Finland. Business Finland will make the final funding determinations in Finland.
Carbon neutral production
EU IPCEIs support innovation initiatives in various Member States while promoting the EU’s strategic goals and the common interests of Europeans. IPCEIs are governed by a different set of state aid regulations, which gives the state more leeway in how it can subsidize businesses. The Commission-approved Neste projects create methods for producing and utilizing clean hydrogen in Neste’s refinery operations.
The EU’s goal is to reduce greenhouse gas emissions from 1990 levels by at least 55% by 2030. Significant amounts of dependable, affordable, and emission-free energy are required to meet this goal. By 2030, 10 million tonnes of clean hydrogen are expected to be produced in the EU as part of the joint hydrogen IPCEI projects.
The IPCEI status is a key component of Neste’s commitment to achieving carbon neutral production by 2035 and significantly supports Finland’s climate goals.
