The European Union could soon implement a €200 billion ($256 billion) stimulus plan urged Wednesday by the European Commission, it’s government, to keep Europe from slipping deeper into recession.

Much of the money, some €15 billion ($19 billion) over two years, is earmarked for the European Investment Bank to offer lending for big-name capital projects. The money itself would come from the national budgets of member states and the proposal — from the European Economic Recovery plan — is clearly timed to help work its way into 2009 budget debates.

“The financing will be done via increased loans, equity, guarantees and risk-sharing,” the office of EC president Jose Manuel Barroso said in a statement. And much of the money would be aimed at finance for renewable energy (mostly in cars), new electrical grids and gas pipelines.

Europe’s strategic research and development into carbon capture and storage would also be protected, and climate change targets were to be upheld. The Continent is sticking to its belief that greener energy would create jobs and stimulate new areas of business.

“The plans is designed to create a basis for rapid agreement between member states,” an EC statement said.

However, waiting for the outcomes of separate British, German and French “bail-out” packages for banks and regional economies is seen slowing EU enactment of the plan due to be voted on by 12 December 2008.