EU invests €2 billion in clean energy projects

The European Union recently disbursed €2.17 billion from the Modernization Fund to help nine Member States meet their 2030 climate and energy targets. The 50 projects focus on electricity generation from renewables, modernisation of energy networks, energy efficiency, and the replacement of coal generation with lower carbon intensity fuels. These investments are funded by revenues from the EU Emissions Trading System (EU ETS), and are set to reduce greenhouse gas (GHG) emissions in energy, industry and transport, as well as improve energy efficiency in the beneficiary states.

The beneficiary countries are Bulgaria, Croatia, Czechia, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, and Slovakia. Greece, Portugal, and Slovenia are set to benefit from the Modernization Fund from 2024. The Fund also complements other EU initiatives such as the REPowerEU Plan and the Fit For 55 package. The Fund is operated by the beneficiary countries in close cooperation with the European Commission and the European Investment Bank (EIB).