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EU regulators okay 30-billion-euro Dutch scheme to cut greenhouse gas emissions

EU competition regulators cleared on Monday a 30-billion-euro (US$36.5 billion) Dutch scheme to support projects reducing greenhouse gas emissions, saying it would contribute to the EU's environmental objectives without hurting competition.

Brexit talks take place at the European Commission headquarters in Brussels
FILE PHOTO: European Union flags flutter outside the European Commission headquarters, where Brexit talks are taking place, in Brussels, Belgium, December 13, 2020 REUTERS/Yves Herman
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BRUSSELS: EU competition regulators cleared on Monday a 30-billion-euro (US$36.5 billion) Dutch scheme to support projects reducing greenhouse gas emissions, saying it would contribute to the EU's environmental objectives without hurting competition.

The scheme Stimulering Duurzame Energieproductie (SDE++) will run until 2025. Beneficiaries will be selected, the support level set, and the aid allocated, through competitive bidding processes, the European Commission said in a statement.

The beneficiaries will receive support via a variable premium contract up to 15 years.

EU leaders last week clinched a deal to cut their net greenhouse gas emissions by at least 55per cent from 1990 levels by 2030, up from an existing 40per cent target and an ambitious goal aimed at averting the most catastrophic impacts of climate change.

(US$1 = 0.8228 euros)

(Reporting by Foo Yun Chee)

Source: Reuters