NER300 - Green-tech demonstration support
We support the European Commission as an agent in the implementation of the NER300 initiative: the world’s largest funding programme for carbon capture and storage demonstration projects and innovative renewable energy technologies. A Cooperation Agreement details the respective roles of the two institutions in implementing the NER300 Decision, notably, as far as concerns the EIB:
- Monetisation of the 300 million EU allowances set aside in the New Entrants Reserve of the EU Emissions Trading System for the initiative.
See here for the latest NER300 monetisation reports.
- Appraisal of projects submitted by Member States for funding.
For details of the project application and selection process and the EIB’s role, please refer to the European Commission’s (EC) dedicated NER300 websites.
The EIB’s due diligence tasks for the 2nd call are outlined in the revised Procedures Manual.
In the first phase of the NER300 Initiative, the EIB successfully completed the technical and financial due diligence on 79 projects in 9 months including providing continuing advice and support to the EC in the finalisation of the NER300 award decisions. In April 2013, the EC launched the second tender for project proposals. The EIB received 33 project applications in July 2013 and since then has been undertaking the due diligence. The EIB will not comment further on the due diligence process, in view of the EC’s intention to award funding to successful projects in the second half of 2014.