The European Commission has approved the rules on operation of the Modernisation Fund, an EU solidarity fund to support 10 Central and Eastern European EU Member States in their transition to climate neutrality by helping to modernise their energy systems and improve energy efficiency. Beneficiaries include Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania and Slovakia.
The Modernisation Fund will allocate around €14bn from the auctioning of allowances from the EU Emissions Trading System (EU ETS) for the period 2021-2030, depending on the carbon price, to low-carbon investments in the production and use of energy from renewable sources, energy efficiency, energy storage, modernisation of energy networks, and a just transition in carbon-dependent regions. Each beneficiary Member State can determine its own investment strategy within these areas. The scheme will be operational in January 2021.
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