ROAD project submitted by the Netherlands for financing under Juncker’s Investment Plan
The Joint task force of the European Investment Bank and the Commission published the list of projects Member states submitted for financing under the new Investment Fund that the European Commission President launched recently. The money in the Investment Fund will come from various sources: the European Fund for Strategic Investment (EFSI) of €21bilion will be supplemented by €5 billion from the European Investment Bank (EIB) and €16 billion from the EU budget. This will be the core of the EIB loans worth €63 billion aimed towards stimulating private investment of €252 billion.
Key priorities of the Investment Plan are energy, transport, research, innovation and education, as published in the Task force Report.
The Netherlands submitted the ROAD project indicating €200 million of investment required between 2015 -2017. The ROAD project is designed to capture CO2 from a new power plant located at Maasvlakte, in the Port of Rotterdam and to store 1.1 million tonnes of CO2 per annum in a depleted gas reservoir in the North Sea. Currently, the project is behind the schedule due to a gap in the financing structure.
The Task Force investment list is indicative and will form part of the Investment Plan that is to be discussed at the European Council meeting on 18-19 December 2014.