EC allocates EUR 1 billion for 19 projects that target renewable energy

The European Commission announced on Tuesday that granted EUR 1 billion funding for a number of 19 projects destined to the increase of renewable energy generation, including also EUR 300 million for a CO2 storage project in Great Britain, as reported by the international press.

The "NER 300" program will be financed due to the sums generated by the pollution rights sale in the EU, which makes "the polluters to become the driver for the new initiatives development in favor of CO2 emissions reduction", specifies the Community executive in a press release.

19 projects have been considered for funding, from 12 member states: Croatia, Cyprus, Denmark, Estonia, France, Ireland, Italy, Latvia, Portugal, Spain, Sweden and Great Britain. These projects are meant to grow the energy generation from renewable sources in the EU with almost 8 terawatts per hour (TWh), that corresponds to the annual electricity consumption of Cyprus and Malta. These projects will also capture 1.8 million CO2 per year, the equivalent of removing from the roads of a million cars.

"These projects will assist the environment protection and they will make Europe less dependent on energy", stated the European Commissioner in charge with the climate change, Connie Hedegaard. "The EUR 1 billion sum granted today will allow to gather additional investments of EUR 900 million. In conclusion, almost EUR 2 billion will be invested in environment-friendly technologies in Europe" added Hedegaard.

The European Commission wants that the 28 member states to commit to reducing their greenhouse gas emissions by 40% by 2030 in comparison with the levels from 1990.