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Commission uses polluters' revenues to fund clean energy projects across Europe

Commission uses polluters' revenues to fund clean energy projects across Europe

07.23.2014

The European Commission awarded 1 billion funding to 19 projects to fight climate change under the second call of the so-called NER 300 funding programme.

climatlantic //

The funding for the projects comes from revenues resulting from the sale of emission allowances in the EU Emissions Trading System. This makes the polluters the driving force behind developing new low-carbon initiatives.

The funding will be used to demonstrate technologies that will subsequently help to scale-up production from renewable energy sources across the EU as well as those that can remove and store carbon emissions. The projects awarded co-financing cover a range of technologies − bioenergy, concentrated solar power, geothermal power, photovoltaics, wind power, ocean energy, smart grids and, for the first time, carbon capture and storage (CCS).

Connie Hedegaard, EU Commissioner for Climate Action, said: "With these first-of-a-kind projects, we will help protect the climate and make Europe less energy dependent. The 1 billion we are awarding today will leverage some additional 900 million of private investment. So that is almost 2 billion of investment in climate-friendly technologies here in Europe. This is a contribution to reducing Europe's energy bill of more than 1 billion per day that we pay for our imported fossil fuels."

NER 300
The NER 300 programme is so-called because it is funded from the sale of 300 million emission allowances from the new entrants' reserve (NER) set up for the third phase of the EU emissions trading system (EU ETS).

More information:
http://europa.eu/rapid/press-release_IP-14-780_en.htm



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