The investment will support a range of sectors and people across the bloc, from the creation of local green jobs and growth to energy-efficient homes with a reduced energy bill, cleaner air and more efficient public transport, the European Commission said today.

Commissioner for climate action and energy Miguel Arias Cañete said: “Our objective is to keep building a modern, competitive and socially fair Paris-aligned economy for all Europeans.

“For this to happen, we will need deployment of clean innovative technologies on an industrial scale.

“This is why we are investing in bringing to the market highly innovative technologies in energy intensive industries, in carbon capture, storage and use, in the renewable energy sector and in energy storage.”

The commission wants Europe to be “at the top of the league” in regards to clean energy technologies, which would boost its global competitiveness, it said.

At the end of November last year, the commission adopted a long-term strategy for a climate neutral economy by 2050, which will require scaling up of technological innovations in energy, buildings, transport, industry and agriculture.