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Renewable Energy Projects Get 1.2B Euros in EU Subsidies

Dec 18, 2012
Source: 
(Bloomberg)

The European Union granted 1.2 billion euros ($1.58 billion) in subsidies to 23 renewable- energy projects under a program to promote low-carbon technology as a part of the fight against global warming.

The aid for the projects located in 16 EU countries including France, GermanyGreecePolandand the U.K. comes from the sale of allowances to emit carbon dioxide set aside in a special reserve under Europe’s cap-and-trade program, known as NER300. Today’s announcement covers proceeds from the first tranche of 200 million allowances sold this year and last year.

The projects, ranging from biofuels to solar and wind power, will boost annual renewable energy output in Europe by around 10 terrawatt-hours, an amount equivalent to the yearly fuel consumption of more than a million passenger cars, the European Commission, the bloc’s executive, said in a statement. The aim is to demonstrate technologies that will help scale up clean energy production in the region.