The European Commission has opened a new low carbon and renewable energy demonstration project investment fund for proposals.
The NER300 initiative will provide financial support for at least eight projects involving carbon capture and storage (CCS) and 34 in innovative renewables technologies.
The European Investment Bank (EIB) is collaborating with the EC on the programme, which is drawing funds from the sale of CO2 allowances under the EU Emissions Trading System (ETS) and from sponsors and member states.
In total, around €13.5 billion will be made available to national-level projects.
“The NER300 initiative will act as a catalyst for the demonstration of new low carbon technologies on a commercial scale,” says Climate Action Commissioner Connie Hedegaard.
“These and other green technologies are an increasingly important source of future economic growth and jobs. They will also help us meet our ambitious climate targets for 2020 and beyond,” she adds.