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Europe’s flagship Innovation Fund has committed €11.6 billion to cleantech projects. Yet only 2.7% (€332m) of that had been paid out by mid-2025. This must change. There is now a rare window of opportunity: the 2026 ETS review is rewriting the rules of the Innovation Fund for the post-2030 period, creating an opening to reform how one of Europe’s largest cleantech financing instruments works.