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EU Directs €2 Billion Towards Low Carbon Energy Projects

The European Investment Bank (EIB) has recently completed successful sales under the NER 300 programme, raising a total of €548 million during the second phase of sales of emission allowances that are “then distributed to projects selected through two rounds of calls for proposals, covering 200 and 100 million allowances respectively.”

As a result, the EIB will be providing €2 billion to innovative renewable energy demonstration projects and carbon capture schemes across the EU, thanks specifically to the sale of 300 million emission allowances (carbon credits).

“The European Investment Bank is pleased to support future investment in low-carbon demonstration projects,” said Jonathan Taylor, European Investment Bank Vice President. “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.”

The European Investment Bank started to sell 300 million of the EU allowances under the NER 300 scheme on 5 December, 2011. As already noted, €548 million was raised during the second round, adding to the already impressive €1.5 billion raised during the first round of sales that ended in September 2012 — of which €1.2 billion was awarded to 23 projects out of a total of 79 submitted applications.

“The NER300 is a new path taken a few years ago to support large scale demonstration projects,” said Jos Delbeke, Director General for Climate Action, European Commission. ” We will need more of this type of innovation support in the transition to a low-carbon economy.”

Both Taylor and Delbeke promised their respective institutions would be working closely together on furthering the work and funding of low carbon capture schemes and renewable energy projects.

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