European Union to Finance 34 Energy Ventures to the Tune of €3.66 Billion
The European Commission and the European Investment Bank have disbursed €3.66 billion from the EU's Modernisation Fund, supporting 34 energy-related projects in nine EU Member States. The investments aim to modernize energy systems, reduce greenhouse gas emissions, and improve energy efficiency.
In Romania, the Fund increases energy efficiency in EU ETS installations, while in Hungary, the focus is on improving energy efficiency in public buildings. Greece, which became a Modernisation Fund beneficiary in January 2024, receives investments for replacing urban diesel buses with new urban electric buses.
In Croatia, the Fund supports the production and utilisation of heat from renewable energy sources and energy efficiency in heating and cooling systems. Slovenia modernises and develops the electricity transmission and distribution network to facilitate integration of renewables.
Latvia increases the electricity grid capacity, and Lithuania invests in large-scale energy storage capacities. The Czech Republic makes investments in electricity storage capacity from renewable sources.
Poland develops a clear air programme supporting energy efficiency improvements and heat source replacements in single-family houses with the Fund. In Bulgaria, the details of the investments are not specified in the article, but the country is among the beneficiaries of these funds.
The 34 supported projects focus on renewable electricity generation, use and deployment of renewable energy sources, modernisation of energy networks, and energy efficiency. The investments are expected to strengthen the EU's industrial competitiveness and help reduce the EU's imports of fossil fuels.
Climate Commissioner Wopke Hoekstra stated that the investments will help build a stronger, more competitive Europe and push the shared climate and energy goals forward. The Modernisation Fund, funded by revenues from the EU Emissions Trading System (EU ETS), supports 13 lower-income EU countries in their transition to climate neutrality.
The Modernisation Fund Investment Committee has made recommendations for these investments, but the specific details are not provided in the article. Adopted disbursement decisions for the Fund have also been made, but the details of the confirmed and recommended investment proposals are yet to be specified.
The investments in these nine member states are expected to foster innovation and support modern, efficient, and resilient energy infrastructure, contributing to the EU's ambitious climate and energy goals.
