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EY report identifies 201 industry projects for green Covid-19 recovery

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A new report published by UK consultant EY has identified a number of investment projects across the EU which would be eligible for support from the bloc's Covid-19 recovery fund.

The A Green Covid-19 Recovery and Resilience Plan for Europe report found more than 2,000 "shovel-ready" projects across the energy, construction, transport, industry and land use sectors across the 27 EU member states. Of these, roughly half could aid with job creation and help meet climate targets, as well as reach financial close in two years if they receive backing from the Next Generation EU recovery fund.

Within the industry sector, the report found 201 projects eligible for funding which would require a combined investment of €19.1 billion.

Around a third of the projects outlined relate to the circular economy and another third relate to the improvement of industrial processes. Also included on the list are 37 projects (18% of the total) which are looking at production of green hydrogen for industrial use, and 8 carbon capture, utilisation and storage (CCUS) projects.

The projects highlighted by the EY report are spread across all the 27 EU countries, though half are located in four countries; 31 projects in France, 23 in Italy, 21 in Sweden, and 20 in the Netherlands.

The report's research team was able to identify the main barriers for 130 of the 201 projects. For 52% of those projects, the main obstacle was financial.

Some of the priority 1 projects outlined include:

The report also estimates that if all 201 projects were implemented, it would support 292,000 jobs.

Several recommendations were also made, based on feedback researchers received from stakeholders including support for industrial innovation, facilitation of the build-up of local eco-systems, market and regulatory incentives and financial support.

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