Extra €548m to help green Europe

Innovative European renewables demonstration and carbon-capture projects will share an extra €548m ($757m) to develop their technologies.

The European Investment Bank (EIB) has raised the sum through sales of emission allowances for the European Commission’s NER 300 technology programme.

The second-tranche sale builds on the €1.5bn pulled in in 2011-12, during the first offering, of which €1.2bn has since been awarded to 23 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,” says EIB vice-president Jonathan Taylor.

The EC's director general for climate action,Jos Delbeke, adds: “We will need more of this type of innovation support in the transition to a low-carbon economy.”