On 27 October 2010, the European Commission approved €150m of aid given by The Netherlands to a carbon capture and storage project. The project is to be carried out as a joint venture between E.ON and GDF Suez and will involve the construction of a plant in Rotterdam to capture CO2 emitted by E.ON’s coal-fired power plant. The captured CO2 will be transported to a depleted gas field in the North Sea for storage. The aid was approved, on the basis that it would accelerate the project and help meet the EU’s 2020 environmental targets. The beneficiaries of the aid are required to share and disseminate information on the results and progress of the project. This will assist in minimising any potential distortions of competition. The project has also been allocated €180m from the EU’s own European Energy Programme for Recovery fund.