WORLD’S BIGGEST NEW ENERGY LAB

Climate change - Commission launches major investment programme for innovative low-carbon technologies; Financial support for at least eight projects involving carbon capture and storage (CCS) technologies.
November 19, 2010 (World of Renewables)

"…[There has been the first call for proposals from] NER300, [the world’s largest programme of investment in low carbon and renewable energy demonstration projects from the European Commission]…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 3 months to submit bids...

"…[The] first call for proposals signals the start of implementation of the NER300 initiative. The initiative is so named because it will be funded from the sale of 300 million emission allowances in the New Entrants Reserve (NER) of the EU Emissions Trading System (ETS). At current market prices for emission allowances, the initiative is worth around EUR 4.5 billion, making it the biggest such programme in the world."

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"Funding is targeted to [at least 8] demonstration projects involving [carbon capture and storage (CCS)] and [at least 34] innovative renewable energy technologies. At least one project, and a maximum of three, will be funded per Member State…

"The programme will leverage investments of more than EUR 9 billion as the NER300 initiative will fund up to 50% of the construction and operation costs of the CCS and renewables projects. Project sponsors and Member States will provide the rest of the funding. NER300 funding can be combined with financing from other EU instruments…"

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"Under the NER300 decision (1), the EIB is responsible for selling the 300 million allowances and managing and disbursing the proceeds. While details, including the starting date of the sales, are not fixed yet, it is expected that all NER300 allowances will be sold before the start of the third trading period of the EU ETS in January 2013.

"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."