05. 09.10:
New EUR115 fund for energy efficiency
On 2 September, MEPs voted to redirect approximately EUR115 million set to remain unspent under the EUR4 billion 2010 allocation to energy by the European Economic Recovery Plan (EERP) towards green investment projects to be delivered at local and regional level. The Commission proposal was unanimously approved by the European Parliament's Industry, Research and Energy committee and will go before the Plenary session in October.
MEPs had been critical of the recovery plan's emphasis on long-term carbon capture and storage ahead of more immediately deliverable investments in the field of energy efficiency and renewable energies. That emphasis had in fact represented a major row-back on the original proposal to provide EUR500 million for local 'smart cities' energy actions which were ultimately deemed to lack European added value.
The money will be used to create a dedicated 'Sustainable Energy Financing Initiative' to support local and regional projects which will need to be able to contribute significantly and in a measurable way towards economic recovery, boosting energy security and cutting greenhouse gas emissions. Innovative green projects relating to combined heat and power and district heating networks, intelligent public lighting systems, urban public transport and electric vehicles, linking decentralised renewable production into grids, electricity storage, and smart energy-use metering are among the topics likely to be eligible for support.
