The European Investment Bank (EIB) is to invest €2bn in funding for low-carbon renewable-energy projects across the European Union.
The funding has been raised by the sale of 300m emission allowances worth an estimated €548m under the NER300 programme, one of the largest funding programmes for carbon capture and storage demonstration projects and innovative renewable-energy technologies in the world.
The EIB, acting on behalf of the European Commission (EC), started to sell the first round of 200m of the EU allowances covered by the NER300 scheme in 2011, followed by more than €1.5bn raised during the first phase of sales that ended in 2012.
Jonathan Taylor, EIB vice-president, believes the funding will contribute significantly to the future of renewable energy in the EU and beyond. “The EIB is pleased to support future investment in low-carbon demonstration 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. We will continue to work closely with the EC to ensure that the best applicants can be awarded proceeds raised from the ground-breaking NER300 scheme,” Taylor said.
Green finance image via Shutterstock
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