Up to 1.5 billion euros could be available by the end of this year to fund renewable energy and carbon capture and storage projects across the European Union bloc, the European Commission said on Thursday.
The money comes from a programme that auctions EU carbon permits to market participants taking part in the regional cap-and-trade scheme, with the revenue earmarked for various projects that were submitted in a call for proposals.
“The Commission estimates that co-funding of 1.3-1.5 billion euros could be available for the first call,” it said in a statement.
“This would allow some three carbon capture and geological storage projects and up to 16 renewable energy projects to be co-funded,” it said.
