EU competition opens for CCS and renewables projects

The European Commission today called for funding applications to build carbon capture and storage (CCS) plants and innovative renewables infrastructure. About €4.5bn will be available under the competition.

The competition’s rules were agreed in February. The funds will come from sales of 300 million EU emissions trading scheme (EU ETS) allowances from the new entrants reserve. The European Investment Bank will auction all of these so-called NER300 allowances by 2012, two years earlier than previously expected.

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