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lunes, enero 30, 2023

Britain taps $ 6.5 billion E.U fund for a dozen clean-energy projects

Britain is seeking funding for 12 carbon capture and storage and renewable energy projects under the European Commission’s 4.5 billion euro ($6.48 billion) clean energy fund.

The British government submitted seven carbon capture and storage facilities, four marine energy projects, and one wind energy venture for the European Investment Bank’s consideration.

These projects will vie for the money set off from the sale of 300 million carbon allowances by the European Union Emissions Trading Scheme.

Each carbon allowance will be sold either at a current price of 15 euros or 30 euros, respectively raising 4.5 billion euros or 9 billion euros, the government said. This money will be made available for up to three projects per member state.

The E.I.B. will now evaluate the projects that will run for nine months, just before the awarding next year.

British minister of state for energy Charles Hendry expressed his confidence over Britain’s projects which, according to him, meet all the eligibility criteria.

“They demonstrate that Britain is at the cutting edge of low-carbon energy development, ranging from carbon capture storage to wave, tidal and offshore wind,” he explained.

Most of Britain’s carbon capture and storage facilities, which separate carbon from point sources and inject it into the ground, are located in New Yorkshire and Scotland.

Among these are the Hatfield project, now called Don Valley Power, and facilities of Alstom, C. Gen, Peel Energy CCS Ltd., Scottish and Southern Energy, and Scottish Power Generation Ltd., and consortium Progressive Energy Ltd.

The remaining proposals include four wave and tidal projects and one in wind. These include the Aquamarine Oyster and Pelamis wave energy, Kyle Rhea Tidal Turbine Array, MeyGen Tidal Stream project, and Islay Demonstration Tidal Array and the 10-MW offshore wind turbines of Clipper Wind Power to be deployed off the shores of North East England.

In February, the British government was required to assess the status of 14 project applications and make a recommendation to the E.I.B. on which projects to endorse. Two CCS applications were withdrawn voluntarily by project sponsors.

Successful projects would secure money for half of 10-year period costs for carbon capture and storage and five-year costs for renewable energy.

C.C.S. and marine energy potential

The British government said it has invested heavily in carbon capture and storage technologies since half of its electricity by 2020 will still be generated from coal and gas.

Aside from the above proposals, the government said it will support another four similar projects later this year, including a funding of up to £1 billion for its first commercial-scale.

Citing a study by A.E.A Technology, which is an offshoot of the British Atomic Energy Authority, it estimated a market valued at £1.5 to £ 3 billion a year by 2020, rising to a maximum of £6.5 billion a year by 2030.

Meanwhile, a recent study by British think tank Carbon Trust, estimated that Britain’s potential marine energy market is worth three-fourths of the world’s market.

Its wave and tidal industry could bring in $22.28 billion worth of earnings and 68,000 jobs to the economy.

The recent government investments on marine energy include the projects approved for the waters off the Northern Irish and Scottish coasts.


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