The European Commission set out a plan on June 25 to help finance the design and construction of a power plant to demonstrate carbon capture and geological storage (CCS) technology in China.
The commission, the executive body of the European Union (EU), said it has programmed funding of up to 50 million euros (70 million U.S. dollars) for the construction and operation phase of the project, out of a total of 60 million euros (84 million dollars) that has been earmarked for cooperation with emerging economies on cleaner coal technologies and CCS.
But the funding is only a fraction of the project's total cost, which is estimated at 300 to 550 million euros (420 to 770 million dollars). Therefore, the commission called on EU member states and China to contribute additional funding.
The commission said CCS is an important technology in the fight against climate change and has the potential to cut emissions from power generation in fast-developing and coal-dependent emerging economies, such as China.
