The European Union Council of Ministers has approved the €3.98 billion ($5.52 billion) energy stimulus package targeting investment in energy-related projects.
After months of protracted negotiations, the European Union
Council of Ministers has adopted the energy stimulus package; the economic
recovery regulation aimed at granting Community financial assistance to
projects in the field of renewable energy.
The package include €3.98 billion ($5.52 billion) of
investment in energy-related projects, to be implemented in 2009 and 2010, with
€1.05 billion ($1.46 billion) set aside for thirteen carbon capture and storage
projects, and a further €565 million ($784 million) earmarked for five offshore
wind-energy projects.
The regulation is part of the European economic recovery
plan endorsed by the European Council in December 2008, and provides a
framework for measures taken by each member state in response to its specific
circumstances, and also a number of actions to be taken at EU level.
The package is designed to face the demands of energy
security and reduce greenhouse gas emissions by increasing investments in
defined strategic sectors.
The final stimulus package includes forty-seven projects, divided
as follows:
€1.4 billion ($1.94 billion) for eighteen gas infrastructure
projects;
€1.05 billion ($1.46 billion) for thirteen carbon capture
and storage projects;
€910 million ($1.26 billion) for nine electricity
infrastructure projects;
€565 million ($784 million) for five offshore wind-energy
projects; and
€15 million ($20.8 million) for two small island projects.
Exchange rate at the time of publication: 1 EUR = 1.38759
USD
