Innovative renewable energy demonstration projects and carbon capture schemes across Europe are set to benefit from more than €2bn raised by sales of 300 million emission allowances.

The European Investment Bank has successfully completed sales under the NER 300 programme, one of the largest funding programmes for carbon capture and storage demonstration projects and innovative renewable energy technologies, and a total of €548m has been raised during the second phase of sales.

The European Investment Bank, acting on behalf of the European Commission, started to sell the first tranche of 200 million of the EU allowances covered by the NER 300 scheme on 5th December 2011.

More than €1.5bn was raised during the first phase of sales that ended in September 2012. From this, €1.2bn was awarded to 23 projects out of 79 applications examined.

Monetisation of the last 100 million EU allowances resumed in mid-November 2013 and ended on 11th April 2014. As outlined in the final monthly monetisation report published on EIB’s website, gross proceeds from the second phase of sales represented €548m.

“The European Investment Bank is pleased to support future investment in low-carbon demonstration projects. Successful completion of monetisation of carbon allowances under the NER 300 scheme will help both carbon capture and storage schemes and innovative renewable energy projects across Europe reach a commercial scale,” said Jonathan Taylor, European Investment Bank Vice-President.

“We will continue to work closely with the European Commission to ensure that the best applicants can be awarded proceeds raised from the ground-breaking NER 300 scheme.”

Jos Delbeke, Director General for Climate Action, European Commission, added, “The NER300 is a new path taken a few years ago to support large-scale demonstration projects. We will need more of this type of innovation support in the transition to a low-carbon economy. I am glad that the European Investment Bank has joined us in this innovative work and I commend them for having done an excellent job in monetising allowances.”