EU invests billions in low-carbon energy

An Expert's View about Trade Policy and Regulations in Germany

Posted on: 10 Nov 2010

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 technologies 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 level. "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 Connie Hedegaard. 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," Hedegaard stressed. "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). Sources: EU News NER 300 call Related: EU works with China on a carbon trading pilot EU reiterates its commitment to finance climate action EU reconciles wind energy development and biodiversity EU launches a new fund for local sustainable energy
Posted: 10 November 2010

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