EU Member States approve billion euro budget for CCS projects.
EU Member State experts on February 2 approved a proposal on how to use 300 million emission allowances from the EU Emission Ttrading Systems ‘new entrants reserve’ to finance projects in renewables and CCS (Carbon Capture and Storage). The final adoption of the decision, expected in May, will see billions in EU funding allocated to the development of clean technologies. The European Commission will dedicate  300 million allowances at European level, which will be sold by the European Investment Bank (EIB) and then distributed to support projects in Member States.  however Member States rejected a proposal to match every euro taken from EU funds, expressing concerns of  member states of Central and Eastern Europe.  Member States also  introduced more flexibility to the allocation process by allowing each country to host a maximum of three projects instead of the Commission’s proposed two. In any case, each country is entitled to at least one project.
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