EC announces €9billion low carbon research fund

EUROPE: Innovative wind power projects can from today seek funding from the European Commission's NER300 initiative, which will support low carbon and renewable energy demonstration projects under the EU Emissions Trading Scheme (ETS).

According to the Commission, the programme will provide substantial financial support for at least eight projects involving carbon capture and storage (CCS) technologies and at least 34 projects involving innovative renewable energy technologies.

Six of these will be wind power projects.

EU climate action commissioner Connie Hedegaard said that the funds available from selling CO2 allowances through the ETS could be worth "around €4.5 billion" and that "with project sponsors and member states contributions this will sum up to €9 billion".

She claimed the programme would drive low carbon economic development in Europe. "The NER300 initiative will act as a catalyst for the demonstration of new low carbon technologies on a commercial scale," said Hedegaard. "They will also help us meet our ambitious climate targets for 2020 and beyond"

Companies interested in making proposals have three months to submit bids at national level.

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