The European Commission called on Monday for proposals covering investment in key energy infrastructure projects worth nearly 4 billion euros (US$5.2 billion).

The projects include energy interconnections, offshore wind energy and carbon capture and storage as part of the implementation of the European Energy Program for Recovery (EEPR), on which the European Council and the Parliament recently reached agreement.

Project promoters are invited to submit their proposals by July 15, said a press release.

The Commission has expected to sign the first grant agreements and decisions before the end of the year. In total, nearly 4 billion euros worth of financial aid will be available to support new energy-related investments.

"The financing that has been made available will act as a role to secure and speed up investments in the energy sector," said Energy Commissioner Andris Piebalgs.

"In addition, the funds allocated to projects will have a direct impact on the EU economy and on employment," he added.

He said that the investment would also help to improve the security of energy supply of the most vulnerable member states, and "assist in speeding up the implementation of the 20/20/20 objectives for 2020 by promoting for the first time on a large scale the development of Carbon Capture Storage technologies and the implementation of high power wind turbines."

The EU objective means that by 2020, waste of carbon dioxide shall be reduced by 20 percent, overall energy consumption be reduced by 20 percent, and renewable sources be increased 20 percent of all energy, compared with the levels in 1990.

The European Parliament voted last week formally to approved the EU Economic Recovery Plan meant to fight the economic recession by injecting 5 billion euros into the European economy.

As much as 3.98 billion euros has been earmarked for investment in energy projects. The fund will be invested over two years, with 2 billion euros invested in 2009 and 1.98 billion invested next year.

(Xinhua News Agency May 19, 2009)