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The EU approves a €3bn investment for renewable projects in 10 Member States

The European Union has announced a €2.97bn investment via the Union’s Modernisation Fund to support 39 renewable 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.

The Member States benefitting from this first disbursement of 2024 are  Romania (€1.1bn, mainly for contract-for-difference support schemes for renewable power generation), Czechia (€835m, for support to households for the acquisition and installation of new photovoltaic systems), Poland (€697.5m, mainly for upgrading of heavy-duty transport charging infrastructure), Hungary (€77m), Bulgaria (€65m), Lithuania (€59m), Croatia (€52m), Slovakia (€35m), Latvia (€27m), and Estonia (€24m). The projects supported focus on renewable electricity generation, use and deployment of renewable energy sources, modernisation of energy networks and energy efficiency.

This is the largest disbursement to date via the Modernisation Fund, bringing the total spending to €12.65bn 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.

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