The EU executive commission informed that the funding would help China to develop coal-burning power plants that would capture and bury carbon dioxide underground.
To seek for a feasible plant, the EU is pledging EUR7m, and is prepared to give EUR50 million provided there is continued political support from China and satisfactory progress with the project. Funding from china is also expected, says the EU.
The EU said that an additional EUR730m to EUR980m is required to add carbon capture and storage to a new coal-fired power plant in China. The EU continued that it would work with private sectors and member states for additional funding.
The commission said that the spending is a result of European Union’s commitment to transfer green technology to developing nations to fight against global warming.
The EU said increasing demand for power in China, Brazil, India, Mexico, South Africa is likely to be met largely from fossil fuels, and the capacity to deal with these very substantial potential emissions must be developed urgently.
By 2030, the EU says that 10% of the global gas emissions can be reduced through carbon capture and storage.
Stavros Dimas, the European environment commissioner, said: “We have taken action to put in place the regulatory framework and the incentives to facilitate CCS demonstration in Europe and now we are making good on our promise to China.”
Since China is the country that relies on coal for 70% of its energy, it would be the priority for CCS.
