To offset the consequences of the U.S.-led global recession, the European Union is considering €3.5 billion in new energy spending. These investments will focus on bulking up and greening domestic European energy sources.

Specifically, the package will include €1.25B for carbon capture and storage (CCS), €500 million for offshore wind, and €1.75B for inter-country gas and electricity interconnection. The offshore wind projects will account for nearly 3.5 gigawatts of electricy while CCS will be integrated into 12 gigawatts worth of (presumably existing) coal plants.

The program is part of a larger €5 billion proposal by the European Commission intended to boost the Euroconomy while building up infrastructure, what the Commission President José Manuel Barroso calls,  "short-term stimulus targeted on long-term goals."

Other measures in the proposal will expand rural broadband access (€1B) and update EU agricultural policies (€5B).
 
Not long ago, I blogged some recent activity in the U.S. carbon capture and storage arena. It's pretty clear that CCS still has a long way to go before it becomes a suitable carbon vacuum, but the EU sure seems to think it's the cat's pajamas. I'm not sure it's the wisest place to put Euros, but with a $900 billion juggernaut with God knows what in it working its way through the U.S. Congress, I'm not sure we on this side of the pond have room to criticize.