Brussels, 09/11/2010 (Agence Europe) - The NER 300 could be the sinews of war for investment in innovative low carbon technology.
In Brussels on Tuesday 9 November, the European Commission launched the first call for tenders under this programme to finance eight carbon capture and storage (CCS) demonstration projects and 34 projects using renewable energy-based innovative technology. The NER 300 programme owes its name to the sale of the 300 million of emissions allowances available in the reserve for new entrants to the EU emissions trading scheme.
Through the revenue generated by the sale of CO2 emissions quotas, the EU will have some €4.5 billion for this technology. “With project sponsors and member states contributions this will sum up to €9 billion. This can give a needed boost for keeping EU in the frontrunner position when it comes to climate friendly technologies,” said Climate Action Commissioner Connie Hedegaard. The EIB will undertake detailed financial and technical due diligence of project proposals. (A.N./transl.rt)