The Council of the EU has given its final approval to the reform of the Coal and Steel Fund

Ministers from European Union member states have given their final approval to the reform of the Research Fund for Coal and Steel (RFCS). The new rules extend the programme until 2034 and provide for an allocation of up to €120 million per year. The total investment over the entire period is estimated at approximately €800 million. This is stated in a press release from the Council of the EU.

The fund’s main objective is to stimulate investment in research and innovation in the steel sector, as well as to support a ‘green’ and just transition in the EU’s coal-mining regions.

Under the new legal framework, co-financing rates will be aligned with Horizon Europe — the EU’s flagship programme for funding scientific research. This means that industrial enterprises will be able to receive up to 70 per cent of their project funding from the EU, whilst for small and medium-sized enterprises (SMEs), start-ups and academic institutions, this figure will reach 100 per cent. In addition, the updated structure will simplify access to financial support and prepare the fund for future integration with other EU programmes in the fields of research, innovation and investment.

The reform package consists of two EU Council decisions:

1. It sets out the procedure for using the financial assets of the former European Coal and Steel Community (ECSC) to fund research.
2. It approves the multiannual financial and technical guidelines for the management of the fund’s assets.

The Coal and Steel Research Fund was established in 2002 following the expiry of the Treaty establishing the ECSC. It is financed by the annual interest on the Community’s remaining assets.

Both decisions will shortly be published in the Official Journal of the European Union and will enter into force on the 20th day following publication.

As reported by GMK Center, the European Commission has allocated over €1 billion to the development of hydrogen energy, selecting nine projects as part of the European Hydrogen Bank’s third call for proposals. The initiative aims to accelerate the decarbonisation of industry and strengthen the EU’s energy independence.