EU stimulus package gets green light

EU parliament today backed a stimulus package that funds energy projects.

The vote paves the way for €3.98 billion ($5.26 billion) to be allocated to gas and power infrastructure, offshore wind and carbon capture and storage (CCS).

The money will be spent on these projects over the two years.

Some €1.05 billion of the package will be spent on developing CCS technology.

Germany, the Netherlands, Poland, Spain and the UK will each receive €180 million, while Italy will receive €100 million and France €50 million.

A further €565 million will go towards offshore wind projects.

Lobby group Greenpeace were dismayed at the news, pointing out that coal-fired power generation will receive twice as much money as renewables.

“The EU talks about creating green jobs and stimulating green recovery, but the truth is it has earmarked twice as much funding for fossil fuel projects than for renewables, and nothing for efficiency," said Frauke Thies, Greenpeace EU energy policy campaigner.

"The coal industry will get €1 billion for carbon capture and storage, an expensive and unproven technology,”