After a year of negotiations to fine-tune the details, national experts approved a proposal on how to use 300 million emission allowances from the scheme's 'new entrants reserve' to finance projects in renewables and CCS (Carbon Capture and Storage; see EurActiv LinksDossier).

The final adoption of the decision, expected in May, will see billions in EU funding allocated to the development of clean technologies.

The agreement was hailed as groundbreaking after a year of disagreement over the funds. The European Commission will set aside 300 million allowances at European level, which will be sold by the European Investment Bank (EIB) and then distributed to support projects in member states.