The European Commission and the European Investment Bank (EIB) have announced the disbursement of €3.66bn from the EU’s Modernisation Fund to support 34 energy-related projects across nine EU Member States. These projects aim to boost renewable electricity generation, promote the use and deployment of renewable energy sources, modernise energy networks, and enhance energy efficiency. The investment will help the Member States meet their climate and energy targets.
This disbursement, financed by revenues from the EU Emissions Trading System (EU ETS), is the largest allocation from the Modernisation Fund to date, and brings the total amount distributed since January 2021 to €19.1bn. The latest funding round benefits nine countries: Poland (€1.33bn); Czechia (€1.05bn); Romania (€712.3m); Hungary (€181.3m); Croatia (€170m), Greece (€113.6m); Latvia (€40m); Lithuania, (€37m); and Slovenia (€19.7m).
The Modernisation Fund, funded by revenues from the auctioning of emission allowances under the EU ETS, aims to support 13 lower-income EU countries (with a gross domestic product per capita below 75% of the Union average in the years 2016 to 2018) in their transition to climate neutrality.
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