Pete Harrison

A European Parliament proposal to give billions of euros to power generators to explore new technology for trapping and burying carbon dioxide should be scaled back by some two thirds, the EU’s French presidency says

BRUSSELS, Belgium; November 17, 2008.- The parliament has suggested funding the cutting-edge technology with 500 million credits, worth about 10 billion euros ($12.7 billion), from the European Union’s flagship Emission Trading Scheme.

But France, which is seeking a common position among EU member states, suggested lowering the number of credits to 100-200 million, worth between 2 billion and 4 billion euros, a document seen by Reuters on Friday showed.

(Reuters)

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