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European Union invest one billion Euro in clean energy

According to the European Commission announcement, in order to develop more ways to handle the global climate change, they are going to invest one billion Euro in 18 innovative renewable energy projects and one “capture and seal up CO2” project. Above projects range from bio-energy, solar energy, geothermal energy, wind energy, ocean energy, smart grid and also “capture and seal up CO2” technology, among all the projects “capture and seal up CO2” is the first time to be selected. According to prediction of European Union, accompany with the projects carried out, the renewable energy will be increased by 8 terawatt hours (1 terawatt hour = 1 billion kilowatt hour) which is equal to the total annual power consumption of Cyprus and Malta.

It is said that in these projects more than 0.9 billion Euro private fund was brought in, this means near 2 billion Euro was invested in above second round NER300 investment plan. European Union hope under above projects help, the renewable energy and “capture and seal up CO2” technology can grow fast. In the first round investment in December, 2012, near 1.2 billion Euro was applied in 23 renewable energy projects. The European Union said “as the innovated low carbon energy financing projects, the NER300 fund comes from revenue by selling carbon emission quotas in European carbon emission trading system, this trading system aims the polluters pay the bill themselves and become the main power to develop the low carbon economy”.

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