Renewable energy and carbon capture schemes are set to benefit from a multi-billion euro cash injection.
The European Investment Bank raised EU2billion through the sales of 300million emission allowances. The funds will support low carbon energy projects across Europe.
European Investment Bank vice president Jonathan Taylor said: “The European Investment Bank is pleased to support future investment in low carbon demonstration projects. Successful completion of monetisation of carbon allowances under the NER300 scheme will help both carbon capture and storage schemes and innovative renewable energy projects across Europe reach a commercial scale.
“We will continue to work closely with the European Commission to ensure that the best applicants can be awarded proceeds raised from the ground-breaking NER300 scheme.”
The European Investment Bank supports the NER300 Initiative as an agent of the European Commission. It is responsible for appraising the submissions for funding and manages the monetisation of allowances.
Jos Delbeke, the director general for Climate Action for the European Commission, called for more innovative support to fuel the transition to a ‘low-carbon economy’.
He said: “The NER300 is a new path taken a few years ago to support large scale demonstration projects. We will need more of this type of innovation support in the transition to a low-carbon economy. I am glad that the European Investment Bank has joined us in this innovative work and I commend them for having done an excellent job in monetising allowances.”
The European Commission is expected to announce details of awards to successful projects later this year.
Recommended for you
