The European Commission is set to announce the allocation of emission allowances worth roughly EUR 4.5 billion, for carbon capture and storage technology, as well as other renewable energy technology projects. The commission is doing so through the revised Emission Trading Directive in a collaboration with the European Investment Bank (EIB), which will set aside 300 million allowances for CCS and renewables.

Through the project, known as NER300, the European Commission believes that it can fund up to eight CCS projects and at least 34 innovative renewable energy projects. With today’s announcement, the commission will now begin to receive proposals for the projects. EIB President Philippe Maystadt said, “The EIB is fully committed to helping European Union Member States meet their 2020 climate and energy objectives. We are therefore offering our financial and technical expertise in support of implementation of the NER300 initiative.”