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The European Commission has today launched the world’s largest programme of investment in low carbon and renewable energy demonstration projects.
The initiative, known as NER300, will provide around €9 billion of financial support for at least eight projects involving carbon capture and storage (CCS) technologies and at least 34 projects involving innovative renewable energy technologies.
The aim is to drive low carbon economic development in Europe, creating new ‘green’ jobs and contributing to the achievement of the EU’s ambitious climate change goals.
The European Investment Bank (EIB) is collaborating with the Commission in the implementation of the programme. Companies interested in making proposals have three months to submit bids at national level.
Speaking today at the launch of Carbon Disclosure Project 2010, European Commissioner for Climate Action Connie Hedegaard announced details of the massive programme.
“This major new initiative is referred to as the “NER300″ programme,” she added. “This is not the name of a robot or a vacuum cleaner but the world’s largest low-carbon technology demonstration programme.
“It will be funded by the sale of 300 million emissions allowances from the “New Entrant Reserve” of the European emissions trading system – therefore the name. At current carbon prices, it will provide around €4.5 billion of funding and leverage a similar amount from industry and Member States.
“This first call covers 200 million of the 300 million allowances available. The Commission intends to fund 34 innovative renewables demonstration projects and 8 carbon capture and storage projects (CCS).”
Among the technologies enabled by this initiative will be:
• Floating or very large-scale offshore deployment for wind, high efficiency photovoltaics and innovative concentrated solar power;
• Next-generation bio-energy, with source material ranging from household waste to algae;
• Smart grid solutions and innovative forms of geothermal, marine and wave power are also covered.
Hedegaard added: “For CCS, the areas covered include all the major power generation technologies, but also applications for industry.
“I am grateful that the European Investment Bank is lending its technical and financial expertise to us to support the implementation of the programme.
“Europe has the know-how, the ability and the ambition to lead the world in developing the technologies required to tackle climate change. With today’s call for proposal we invite entrepreneurs across the continent keen to contribute to and profit from the low carbon economy to put forward projects demonstrating promising innovative technologies at large-scale.
“These and other green technologies will increasingly be an important source of future economic growth and jobs. They will also help us meet our ambitious climate targets for 2020 and beyond.”
EIB President Philippe Maystadt added: “The EIB is fully committed to helping European Union Member States meet their 2020 climate and energy objectives. We are therefore offering our financial and technical expertise in support of implementation of the NER300 initiative.”
The EIB will also undertake detailed financial and technical due diligence of project proposals before making recommendations in the form of a ranking of project proposals to the Commission. The Commission will take the final decision on which projects to co-finance after consulting Member States.