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The Libertas Energy Initiative - European Energy Innovation Fund
New Energy Paradigm

So how do we create a new energy paradigm to promote energy alternatives? We need to create a new energy alternatives competition, and in this competition, engage the entrepreneurs of our time. Governments should levy big oil and gas access to consumers, thereby redirecting a portion of the tremendous wealth that we transfer to oil and gas concerns.

European Energy Innovation Fund

The Libertas Institute proposes the establishment of a European Energy Innovation Fund which will award licenses and matching funding to a limited number of new carbon neutral entrants to the energy market with the best proposals for carbon-neutral production of electricity, transport fuels and heating judged on criteria including, but not limited to, technological innovation, cost to consumers and fastest and most efficient rollout.


Funding Through CO2 Allowance Auctions

The European Energy Innovation Fund could be endowed with a portion of the proceeds of the European member state auctions of CO2 emissions allowances. In the period between 2005 and 2007, some 6.5 billion tonnes worth of allowances were allocated by national governments.  At a projected mean price of €30 per tonne between 2008 and 2012, the member states could theoretically raise around €200 billion from these auctions, of which just 10% could provide a fund of €20 billion for European Energy Innovation.

 

 Trading Period 2005-2007 indicative data on CO2 allowances from the Commission based on National Allocation Plans (EC 2005a)

 

EU Member State Allocated CO2 allowances (million tonnes) Share in EU allowances (%) Installations covered (1) Kyoto target (%)
Belgium 188,8 2,9 363 7,5(2)
Czech Republic 292,8 4,4 435 – 8
Denmark 100,5 1,5 378 –21(2)
Germany 1497,0 22,8 1849 21(2)
Estonia 56,85 0,9 43 – 8
Greece 223,2 3,4 141 + 25
Spain 523,3 8,0 819 + 15
France 469,5 7,1 1172 0 (2)
Ireland 67,0 1,0 143 13(2)
Italy 697,5 10,6 1240 – 6,5
Cyprus 16,98 0,3 13
Latvia 13,7 0,2 95 – 8
Lithuania 36,8 0,6 93 – 8
Luxembourg 10,07 0,2 19 28(2)
Hungary 93,8 1,4 261 – 6
Malta 8,83 0,1 2
Netherlands 285,9 4,3 333 – 6 (2)
Austria 99,0 1,5 205 13(2)
Poland 717,3 10,9 1166 – 6
Portugal 114,5 1,7 239 +27(2)
Slovenia 26,3 0,4 98 – 8
Slovakia 91,5 1,4 209 – 8
Finland 136,5 2,1 535 0 (2)
Sweden 68,7 1,1 499 + 4(2)
United Kingdom 736,0 11,2 1078 – 12,5 (2)
Total 6572,4 100,0 11428

 Notes:
(1) Please note that the figures do not take account of any opt-ins and opt-outs of installations in accordance with Articles 24 and 27 of the emissions trading directive.
(2) Under the Kyoto Protocol, the EU-15 (until 30 April 2004 the EU had 15 Member States) has to reduce its greenhouse gas emissions by 8 % below 1990 levels during 2008–12. This target is shared among the 15 Member States, marked with (2), under a legally binding burden-sharing agreement (Council Decision 2002/358/EC of 25 April 2002). The 10 Member States that joined the EU on 1 May 2004 have individual targets under the Kyoto Protocol with the exception of Cyprus and Malta, which have no targets.

Source: “The Sustainability Impact of the EU Emissions Trading System on the European Industry”; Bruges European Econmomic Policy Briefings; College of Europe; September 2007.
 

 

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