The European Commission’s EuropeAid today held its first-ever environmental auction to find potential financial supporters for 86 environmental projects in developing countries around the globe.

The auction, held in Brussels, was hosted as a way to bring together project developers and private or public organisations interested in funding such development programmes. The European Commission took the novel approach because it considers the projects worthwhile but lacks the necessary funds to support them all.

The projects carried budgets of €400,000 to €3 million, and focus on issues ranging from climate change and desertification to biodiversity and sustainable development.

Some 400 participants were expected to take part in the auction.

While this was the first time the European Commission has held an environmental auction, it did put out a call for proposals in support of environmental projects last year. That request garnered some 200 applications and eventually netted €64.5 million for 46 projects.

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