Germany has received approval from the EU Commission for an aid package of approx. $4.3bn to support the decarbonisation of production processes within energy industries under EU ETS.
The funds will be treated as an annual grant over a period of 15 years, facilitated by a two-way contract mechanism ensuring that the funds cover the actual costs associated with new production processes. They will also be allocated to projects under ETS that achieve a 60pc emissions reduction in three years and a 90pc reduction in 15 years.
The criterion for selecting these projects is based on a bidding process considering the least financial assistance requested per tonne of CO2 emissions reduced, and the speed of reducing carbon emissions.
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