Funding approved for clean energy projects in the EU

Recently the European Voice just announced the EU’s funding for pilot clean energy projects around the EU. The fund for this project is estimated at 4 billion euros in carbon credits which would be converted to cash by the European Investment Bank. The actual amount depends on the price of carbon in the market, which seems to be hovering around 13.4o.   The commission working on the plan decided that every country would have the opportunity to have one project with a maximum of three projects. The host country would supply about half of the money for the project with the other half coming from the funding from the EU.

Reuters also reported on this issue. One of the energies on the top of the list to be funded is biofuel. They want to invest in projects that are systems to convert cellulose from plant waste into biofuels, biogas or electricity. The first round of proposals should be in by the end of 2010 with the recipients notified by 2011.  Projects should be up and running by 2015.

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