Europe backs carbon capture with €10bn

Financial Times, 8 October 2008 - European legislators have committed about €10bn ($13.6bn, £7.7bn) to help build as many as a dozen power stations equipped to capture and store carbon dioxide, throwing its weight behind a technology that supporters say has immense potential to curb greenhouse gases. The European parliament's environmental committee brushed aside concerns about financial turmoil to back the unproven technology, in a narrow vote in favour of a package that would make Europe a global leader in cutting emissions. Yesterday's vote was dubbed “Super Tuesday” by legislators and environmentalists eager for Europe to pass an ambitious climate regime ahead of an international meeting next year to renegotiate the Kyoto Treaty. It will form the basis of discussions with the EU's 27 member states, with France hoping for... [read full story]