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The Low Carbon Economy Ltd

05 Jul 2011 08:07:09

New European energy efficiency fund launched

New European energy efficiency fund launched
A new European Union (EU) fund has been launched to support public renewable energy and energy efficiency projects in member states.

Created by the European Commission, European Investment Bank (EIB), Cassa Depositi e Prestiti and Deutsche Bank, the fund is intended to help the EU hit its 2020 targets to slash emissions by 20 percent and up renewable energy usage.

Currently, the fund, which will invest both directly and through financial institutions, has €265 million (£257 million) in the pot, although it is hoped this will increase to €800 million through private investment.

Philippe Maystadt, president of the EIB, said: "We expect the fund to focus on smaller scale investments by local authorities or energy service companies, thereby complementing the larger scale finance that the EIB already offers for energy efficiency investments throughout the European Union."

A dozen UK low carbon energy projects are also currently in the running for a share of the EU's NER300 fund, which holds €4.5 billion to be shared between carbon capture and storage and innovative renewable energy projects. ADNFCR-1235-ID-800611110-ADNFCR

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