13 July 2012
EU selects low-carbon projects for NER300 fund
The European Commission has published interim results of the selection process under the first call for proposals of the NER300 funding program for innovative low-carbon energy technologies, according to Climate Action News.
Tidal energy illustration. © Alexandr Mitiuc
With the bulk of the project selection work completed, the technical document takes stock of progress and includes preliminary lists of candidate and reserve demonstration projects that could be awarded co-funding.
The Commission will formally ask member states to confirm the projects and national co-funding in early October 2012, with a view to finalizing its funding decisions by the end of this year.
The Commission estimates that co-funding of EUR1.3-1.5 billion could be available for the first call. This would allow some three carbon capture and geological storage projects and up to 16 renewable energy projects to be co-funded.
Projects are likely to be supported in more than half of the EU Member States, including a number of Member States which are currently in economic and fiscal difficulty.
The NER300 will be funded from the sale of 300 million emission allowances held in the new entrants reserve (NER) of the EU emissions trading system (ETS). The exact amount of funding available will depend on how much is raised through the sale of 200 million allowances.
The sales, which are being undertaken by the European Investment Bank, are under way and will be concluded in early October.
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