EU awards 1 bln euros to low-carbon energy projects

EU awards 1 bln euros to low-carbon energy projects
# 09 July 2014 02:52 (UTC +04:00)

Baku-APA. The European Commission on Tuesday awarded a total of 1 billion euros (1.36 billion U.S. dollars) to 19 innovative low-carbon energy projects in Europe, APA reports quoting Xinhua.

The 19 projects were selected under the second call of the NER300 funding program, a financing instrument managed jointly by the European Commission, European Investment Bank and the European Union Member States.

A carbon capture storage project located in Britain was granted 300 million euros.

The Commission said that the money comes from the revenues of the polluters from the EU's Emission Trading System.

This funding, together with private investments that it will help leverage, will ensure almost 2 billion euros in new investments for climate-friendly technologies. Such technologies will help reduce EU's energy bill and lower the bloc's dependence on imported fossil fuels.

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