A Europe more connected at the energy level and committed to sustainability. Today, January 25, the European Commission allocated 594 million euros to 8 cross-border projects of common interest regarding energy infrastructures “contributing to decarbonization and security of supply”. It did this through the European Interconnection Mechanism (Mie). “This investment is part of the EU’s wider efforts to decarbonise its energy system and achieve the greenhouse gas emissions reduction targets set in the Green Deal for Europe,” the EU executive says in a note. While countries such as France, Poland, Germany and Denmark benefit from incentives, Italy is excluded from the investments allocated by Brussels, at least in this round.
Funded projects
The funds were allocated to a number of carbon dioxide projects. D’Artagnan was the project that received the most investment with 189 million euros. Celebrating the protagonist of The Three Musketeers, the name refers to a platform for Co2 export in the French port of Dunkirk. The Netherlands will receive 157 million euros for infrastructure at the port of Rotterdam “including the import terminal and 200 km of underwater lines”. A much lower figure is going to Poland, which will receive 2.54 million euros for the EU CCS Interconnector, a CO2 infrastructure project in Gdansk. The Northern Lights initiative, a Norwegian cross-border project linking CO2 capture initiatives in various EU member states, will also receive funding (€131 million). While a 100 million euro loan was given to the Gabreta smart grid project, which will connect the Czech Republic and Germany, 1.22 million euros were provided for the project to strengthen the electrical interconnection between Lonny in France and Gramme in Belgium. Finally, the press release states that 12.77 million euros were granted to the Depomures natural gas storage facility (Romania) “in order to increase its operational capacity and thus contribute to security of supply in the region.”
Projects for which Italy requests funding
“These projects will support the development of the European carbon value chain, while the Commission will work on a new industrial carbon management strategy to help achieve climate targets,” the EU executive said. Last November, Brussels adopted a list of 166 energy infrastructure projects that will help the European Union achieve its energy independence and climate goals. These projects will benefit from simplified authorization procedures and will be able to apply for European grants of up to €750 million per project. Italy is among the following projects on the list prepared by the EU administration: Interconnection between the Italy-Corsica (FR) mainland and Sardinia; Callisto project, which involves the development of multi-modal centers that store Co2 emissions from France and Italy in the Mediterranean; Connecting Malta to the European gas network via the interconnector pipeline with Italy at Gela. The biggest expectation is to finance the Italy-Austria-Germany hydrogen corridor, which is expected to reach Germanic lands through a 3,330-kilometer pipe from North Africa. The EU assumes that this project could provide 20% of Europe’s hydrogen needs between now and 2030.
Source: Today IT
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
