EU Agrees to Pump Billions of Dollars into CCS and Renewables

A committee representing European Union (EU) member states has accepted a European Commission proposal to direct funds raised from the region’s emissions trading scheme (ETS) into projects for carbon capture and storage (CCS), and renewable fuels and chemicals. The committee has agreed that income from the sale of 300 million carbon allowances should be set aside to fund the CCS and renewable projects. The funding period will run from the start of the next phase of the ETS in 2013. At current carbon prices of about €14.30 ($19.6) the total funds for...

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