The European Union's competition authority approved Wednesday a U.K. plan to fund the early study of carbon capture and storage, a technology under development that will catch the CO2 emitted by burning coal and natural gas, to then store it underground.

"The European Commission has found a U.K. scheme to fund front-end engineering design studies on carbon capture and storage demonstration projects to be in line with EU state aid rules," the commission, which has antitrust powers in the EU, said in a statement. "In particular, the measure will contribute to fighting climate change, in line with EU objectives, without unduly distorting competition," it said.

The EU has been encouraging the development of CCS, seen as one of the rare technologies that will allow the continued use of fossil fuels in producing electricity, while at the same time dramatically cutting greenhouse gas emissions.
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