25 June 2009 13:05 [Source: ICIS news]
BRUSSELS (ICIS news)--The European Commission on Thursday set out plans to finance the demonstration of carbon capture and geological storage (CCS) in cooperation with ?xml:namespace>
The document - adopted by the Commission and set to be discussed later in the day by EU environment ministers - pledges funding of up to €50m ($70m) for the construction and operation phase of the project.
A total budget of €60m has been earmarked to facilitate cooperation with emerging economies on cleaner coal technologies and CCS, said the Commission.
The EU's executive arm estimates that, depending on the choice of technology used, and assuming China introduces some form of carbon pricing instrument, the additional cost of constructing and operating a new power plant equipped with CCS over 25 years would cost €300-€550m.
The Commission said it would work closely with
Coal, the fossil fuel with the highest emissions of the greenhouse gas carbon dioxide, is
($1 = €0.72)
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