The European Investment Bank (EIB) is to invest €2bn in funding for low-carbon renewable-energy projects across the European Union.
“NER300″ is a financing instrument managed jointly by the European Commission, European Investment Bank and Member States, so-called because Article 10(a) 8 of the revised Emissions Trading Directive 2009/29/EC contains the provision to set aside 300 million allowances (rights to emit one tonne of carbon dioxide) in the New Entrants’ Reserve of the European Emissions Trading Scheme for subsidising installations of innovative renewable energy technology and carbon capture and storage (CCS).”
Source – http://www.ner300.com/
The funding has been raised by the targeted sale of 300m emission allowances, which is now worth an estimated €548m under the NER300 programme.
The EIB started to sell the first round of 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.
According to Jonathon Taylor, EIB Vice-President
“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”.