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Using Waste Carbon Feedstocks to Produce Chemicals Fund, and Sustainable Process Industry through Resource and Energy Efficiency (SPIRE).101 Several projects are funded by Horizon 2020 and/or SPIRE, including Carbon4PUR, ReCode, and Steelanol, among others.102 Whereas Horizon 2020 focuses on promoting EU competitiveness, the Innovation Fund focuses on low-carbon projects, including CCU projects.103 The innovation Fund, valued at over €10 billion (or about $11.4 billion), depending on the carbon price (discussed further below in this section), is reportedly focused on helping European companies sustain their leadership position in low- carbon technologies.104 It was implemented as part of the EU’s update of its Emissions Trading System (deployed on April 8, 2018) to assist its efforts to meet its emissions targets by 2030 and to “support the European Commission’s strategic vision of a climate neutral Europe by 2050.”105 Funding for the Innovation Fund will be obtained, in part, from the EU Emissions Trading System, which has been described as “the world’s largest carbon pricing system.”106 Moreover, a recent report from Members of Parliament on the Business, Energy and Industrial Strategy (BEIS) Committee mentions that, for the UK, CCU technologies “will be necessary to meet the UK’s existing climate change targets at least cost, and that the country could not credibly adopt a ‘net zero’ target, in line with the aspirations of the Paris Agreement, without the technology.”107 Like the EU, China is implementing biofuel mandates. China has long stated that all gasoline used in the country will be blended with bioethanol by 2020.108 China has also issued standards to lower levels of certain pollutants in steel emissions by 2025; companies that meet the standards will reportedly be eligible for financial incentives.109 Carbon pricing programs, including emissions taxes, also reportedly encourage CCU projects.110 Carbon pricing is generally defined as putting a price on emissions with the general goal to encourage emitters 101 Industry representative, telephone interview with USITC staff, October 16, 2019; Wettengel, “Norway Bets on Gas and CCS to Complement Europe’s Energy Transition,” Clean Energy Wire, August 31, 2018. 102 Covestro, “European Industry Fosters CO2 Reutilization,” press release, January 23, 2019; Steelanol, “With the Support of the European Commission” (accessed October 22, 2019); Cordis, “Horizon 2020,” July 19, 2017; Avantium, “What is ReCode?” (accessed November 15, 2019). Horizon 2020 is the European Union (EU) Research and Innovation Programme, providing funding to enhance EU competitiveness. SPIRE is the Sustainable Process Industry through Resource and Energy Efficiency Public-Private Partnership with the goal of promoting “a resource efficient process industry.” SPIRE, “The Association” (accessed December 13, 2019). 103 EC, “Emissions Trading System (EU ETS)” (accessed October 16, 2019).; European Technology & Innovation Platform Smart Networks for Energy Transition (ETIP SNET), “New €10 Billion EU Innovation Fund for Low-Carbon Technologies,” March 6, 2019. 104 EC, “Towards a Climate-Neutral Europe: EU Invests Over €10bn in Innovative Clean Technologies,” press release, February 26, 2019; CO2 Reuse Summit, “European Commission’s ETS Innovation Fund,” Latest News, February 28, 2019. 105 EC, “Innovation Fund” (accessed February 10, 2020); EC, “Emissions Trading System (EU ETS)” (accessed October 16, 2019); ETIP SNET, “New €10 Billion EU Innovation Fund for Low-Carbon Technologies,” March 6, 2019. 106 European Commission, “Innovation Fund” (accessed February 10, 2020). 107 Members of Parliament, “Carbon Capture Usage and Storage: Summary,” April 25, 2019. 108 Gu and Patton, “China Set to Triple its Ethanol Production Capacity,” Reuters, December 11, 2018; Nesbitt, “China’s Vision for Renewable Energy,” JICE, 2011; Biofuels Digest, “The Digest’s Biofuels Mandates Around the World,” December 31, 2019, 38. 109 Xie, “China Targets Steel Industry,” South China Morning Post, May 6, 2019. 110 Arvola et al., “Combining Steel and Chemical Production to Reduce CO2 Emissions,” Low Carbon Economy, September 2011. United States International Trade Commission | 23PDF Image | Using Waste Carbon Feedstocks to Produce Chemicals
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