Renewable energy projects in 16 EU countries are receiving $1.58 billion in subsidies from a special reserve under Europe’s cap-and-trade program, the European Commission said Tuesday. The funding program, called NER300, was put in place in 2010 to develop renewable energy and storage technologies.
The subsidies will be paid for by polluters via the sale of emissions allowances by the European Investment Bank, and will cover biofuels, solar, wind, geothermal, wave power and smart grid projects. Those projects are expected to increase Europe’s renewable energy output by 10 terrawatt-hours per year.
Carbon capture and storage projects are expected to receive funding in the second phase of the NER300 program over the next 12 months .
Furthermore, in a new report, New Energy Finance predicts that UK’s electricity bills will rise 54% by 2020 due to its planned expansion of renewable energy to 20% by 2020.