EU launched the first call for proposals for the world's largest program of investment in low carbon and renewable energy demonstration projects.
10 November 2010
EU launches a major investment program for low-carbon
The European Commission has launched the first call for proposals for the world's largest
program of investment in low carbon and renewable energy demonstration projects.
The initiative, known as "NER300", will provide substantial financial support for at least eight
projects involving carbon capture and storage (CCS) technologies and at least 34 projects involving
innovative renewable energy technologies.
The aim is to drive low carbon economic development in Europe, creating new 'green' jobs and
contributing to the achievement of the EU's ambitious climate change goals.
The European Investment Bank (EIB) is collaborating with the Commission in the implementation
of the program. Companies interested in making proposals have 3 months to submit bids at national
"The NER300 is a good example that together, EU 27 can do more than we can individually.
Through using revenues from selling of CO2 allowances, around EUR4.5 billion will be available
for innovative renewable energy technologies and CCS," said Climate Action Commissioner
With project sponsors and Member States contributions this will sum up to EUR9 billion. This can
give a needed boost for keeping EU in the frontrunner position when it comes to climate friendly
technologies, according to the Commissioner.
"Europe has the know-how, the ability and the ambition to lead the world in developing the
technologies required to tackle climate change. The NER300 initiative will act as a catalyst for the
demonstration of new low carbon technologies on a commercial scale," she said.
"These and other green technologies are an increasingly important source of future economic
growth and jobs. They will also help us meet our ambitious climate targets for 2020 and beyond,"
"The EIB is fully committed to helping European Union Member States meet their 2020 climate
and energy objectives. We are therefore offering our financial and technical expertise in support of
implementation of the NER300 initiative," added EIB President Philippe Maystadt.
The first call for proposals signals the start of implementation of the NER300 initiative. The
initiative is so named because it will be funded from the sale of 300 million emission allowances in
the New Entrants Reserve (NER) of the EU Emissions Trading System (ETS).
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