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Press conference by Connie Hedegaard on EUR 1.2 billion to kick-start 23 innovative renewable energy projects awarded by the EC
On 18 December 2012, Connie Hedegaard, Member of the EC in charge of Climate Action, gave a press conference on NER300 in Brussels.
NER300 is a financing instrument managed jointly by the European Commission, European Investment Bank and Member States, so-called because Article 10(a) 8 of the revised Emissions Trading Directive 2009/29/EC contains the provision to set aside 300 million allowances (rights to emit one tonne of carbon dioxide) in the New Entrants’ Reserve of the European Emissions Trading Scheme for subsidising installations of innovative renewable energy technology and Carbon Capture and Storage (CCS). The allowances will be sold on the carbon market and the money raised - which could be 2.4 bn EUR if each allowance is sold for 8 EUR - will be made available to projects as they operate.