Hundreds of millions of euros in European Union funding for a clean energy technology program that would even allow coal to be turned into a clean fuel remain unclaimed due to lack of guarantees by private sponsors and governments, reflecting hurdles to the development of carbon capture and storage technologies.
Hundreds of millions of euros in European Union funding for a clean
energy technology program that would even allow coal to be turned into a clean
fuel remain unclaimed due to lack of guarantees by private sponsors and
governments, reflecting hurdles to the development of carbon capture and
storage technologies.
The European Commission, which has executive powers in the EU, said Tuesday
that the 275 million euros available for CCS in the first round of a funding
program for clean technologies weren't awarded because of uncertainties about
private or national contributions that would have to match EU funding.
"We actually did get a number of good projects that could have been
supported, but (...) it is critical that either the project sponsors and/or the
host member states guarantee for the other half [of the money] to avoid the
funding gap and ensure that the project is viable," Connie Hedegaard, the
EU Climate Change commissioner, said in a press conference. "Unfortunately,
this did not happen for any of the eligible CCS projects."
After emerging as a possible silver bullet in the fight against climate change,
the development of CCS has lost momentum, as low prices on the EU carbon market
have crippled any incentive to invest billions of euros in clean technologies. CCS
is still in its development phase and studies have shown it would be
commercially viable with carbon prices as much as 10 times higher than the
present ones.
It is, however, key to the EU's long-term ambitions because it is the only
technology that would allow continued use of fossil fuels in producing
electricity and may be even more important at a time of growing debate over the
use of nuclear power. It could become crucial if some countries like Poland
--that heavily rely on coal to produce electricity-- want to abate their CO2
emissions without having to alter their energy mix.
The system traps the CO2 emitted by a power plant or any other industrial
installation and sends it, usually via pipeline, to underground reservoirs such
as depleted oil fields. Its development raises logistical issues and public
opposition. It also needs huge investments and the carbon price is key in
triggering them.
The low carbon prices and the dim expectations about their level in the next
years have dangerously slowed down the construction of demonstration plants
needed to prove that the technology can work at a larger scale. At the same
time, national governments are now under constant pressure to cut expenses and
reign in their budgets.
Ms. Hedegaard said in some of cases private sponsors withdrew their support,
while in others there was no clear indication that governments would close the
funding gap. The money would be offered at a second call for proposal next
year, she said.
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