The European Commission is providing funding of up to €239 million ( £191.2m) for projects dedicated to the environment.
Businesses across the EU are invited to bid for a share of the cash, which is provided as part of the Commission’s Life sub-programme for environment.
It aims to develop and implement innovative ways to respond to environmental challenges, focusing on the conservation of nature and biodiversity, resource efficiency and environmental information.
European Environment Commissioner Janez Potočnik said: “This will help achieve sustainable growth through investment in a resource-efficient economy and will help member states and local authorities to implement plans and strategies in key policy areas like nature, waste, air and water.”
Earlier this month a separate fund was announced for businesses to develop innovative ways to respond to climate change challenges.