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Title | EU invests close to €3 billion of emissions trading revenues for cleaner energy systems in 10 EU countries via the Modernisation Fund |
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Today, the European Union has disbursed €2.967 billion via the Modernisation Fund to support 39 energy projects in 10 EU Member States. These investments will support the modernisation of energy systems, reducing greenhouse gas emissions in the energy, industry and transport sectors, and improving energy efficiency. This is the largest disbursement to date via the Modernisation Fund, bringing the total spending to €12.65 billion since January 2021. These investments help Member States to meet their climate and energy targets and contribute to the EU's long-term target of reaching climate neutrality by 2050. The Member States benefitting from the first disbursement of 2024 are Bulgaria (€65.2 million), Croatia (€52 million), Czechia (€835.2 million), Estonia (€24.1 million), Hungary (€76.8 million), Latvia (€26.8 million), Lithuania (€59 million), Poland (€697.5 million), Romania (€1.095 billion) and Slovakia (€35 million). The projects supported today focus on renewable electricity generation, use and deployment of renewable energy sources, modernisation of energy networks and energy efficiency. Examples of proposals that have received funding today include:
The next deadlines for Member States to submit investment proposals for potential support by the Modernisation Fund are 13 August 2024 for non-priority proposals, and 10 September 2024 for priority proposals. Background Funded by revenues from the auctioning of emission allowances under the EU's Emissions Trading System, the Modernisation Fund aims to support thirteen lower-income Member States in their transition to climate neutrality. The beneficiary Member States are Bulgaria, Croatia, Czechia, Estonia, Hungary, Latvia, Lithuania, Poland, Romania and Slovakia, as well as Greece, Portugal and Slovenia which became eligible for Modernisation Fund support as of January 2024, under the revised EU Emissions Trading System (EU ETS). The Modernisation Fund supports investments in the generation and use of energy from renewable sources, energy efficiency, energy storage, modernisation of energy networks, including district heating, pipelines and grids, and just transition in carbon-dependent regions. An overview of previous disbursements can be found here. The Fund complements other EU instruments such as Cohesion policy and the Just Transition Fund. It mobilises significant resources, which can help eligible countries support investments in line with the REPowerEU Plan and the Fit For 55 package. It operates under the responsibility of the beneficiary countries in close cooperation with the European Commission and the European Investment Bank (EIB). For More Information Adopted disbursement decisions Confirmations of priority investments Recommendations of the Modernisation Fund Investment Committee List of confirmed and recommended investment proposals Delivering the European Green Deal Quote(s)
Maroš Šefčovič, Executive Vice-President for European Green Deal, Interinstitutional Relations and Foresight
Wopke Hoekstra, Commissioner for Climate Action
Ambroise Fayolle, European Investment Bank Vice-President |
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Sources | EU |