EU regulators okay 30-billion-euro Dutch scheme to cut greenhouse gas emissions

EU competition regulators cleared on Monday a 30-billion-euro ($36.5 billion) Dutch scheme to support projects reducing greenhouse gas emissions, saying it would contribute to the EU's environmental objectives without hurting competition.

The scheme Stimulering Duurzame Energieproductie (SDE++) will run until 2025. Beneficiaries will be selected, the support level set, and the aid allocated, through competitive bidding processes, the European Commission said in a statement.

The beneficiaries will receive support via a variable premium contract up to 15 years.

EU leaders last week clinched a deal to cut their net greenhouse gas emissions by at least 55% from 1990 levels by 2030, up from an existing 40% target and an ambitious goal aimed at averting the most catastrophic impacts of climate change.

($1 = 0.8228 euros)