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The Low Carbon Economy Ltd

10 Nov 2010 12:11:08

EU launches CCS and renewable energy fund

EU launches CCS and renewable energy fund
Innovative carbon capture and storage (CCS) and renewable energy projects are to be funded by a new initiative from the European Union (EU).

Known as NER300, the pot will be used to fund eight CCS programmes and 34 renewable energy projects, with the aim of developing the Europe-wide low carbon economy.

The renewable energy projects are intended to break down into nine bio-energy, five concentrated solar power, six wind, three solar photovoltaic, four geothermal, three ocean, one hydroelectric and three smart grids.

Climate action commissioner Connie Hedegaard said that revenues from carbon allowances will contribute €4.5 billion (£3.8 billion) to the fund, with contributions from sponsors and member states taking this up to €9 billion.

"This can give a needed boost for keeping the EU in the frontrunner position when it comes to climate friendly technologies," she added.

The EU has issued its first call for proposals, giving interested parties three months to submit their projects at a national level. At least one project from each of the 27 EU member states will receive funding.

Plans are for the EU to reduce its carbon emissions by 20 percent by the year 2020, although there have been calls for this to be increased to 30 percent.  ADNFCR-1235-ID-800227377-ADNFCR

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