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To help large industrial companies push ahead with commercial-scale low-carbon plants, Europe opened its first call for proposals for its multibillion euro clean energy fund.
The fund aims to support not only at least eight carbon capture and storage (CCS) projects but also a minimum of 34 renewable energy projects across Europe. Although it was originally established to part-finance CCS projects, the plan was criticised by some member states and an extensive debate followed. Earlier this year, the programme was extended to renewable energy projects.
The investments will be financed from the sale of 300m carbon credits under the EU ETS. While the total fund size is reliant on the carbon credit price, it is estimated that around €4.5bn could be raised. The first call covers around two-thirds of this amount. The European Investment Bank will administrate the 200m credit scheme and has set May 2011 as the proposal deadline. The European Commission has scheduled a decision on which cases to support by 2H 201.
Sceptre Group Limited is a specialist investment firm focused in low carbon financial investments such as sustainable biofuel plantations, agricultural farmland and green technologies. For more information on Biofuel Investments, please visit Sceptre Group’s website at www.sceptreinternational.com.