EU invests close to €3 billion of emissions trading revenues for cleaner energy systems in 10 EU countries via the Modernisation Fund
Today, the European Union has disbursed €2.967 billion via the Modernisation Fund to support 39 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. This is the largest disbursement to date via the Modernisation Fund, bringing the total spending to €12.65 billion 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.
The Member States benefitting from the first disbursement of 2024 are Bulgaria (€65.2 million), Croatia (€52 million), Czechia (€835.2 million), Estonia (€24.1 million), Hungary (€76.8 million), Latvia (€26.8 million), Lithuania (€59 million), Poland (€697.5 million), Romania (€1.095 billion) and Slovakia (€35 million). The projects supported today focus on renewable electricity generation, use and deployment of renewable energy sources, modernisation of energy networks and energy efficiency.
Examples of proposals that have received funding today include:
- reinforcement of the electricity transmission grid to support renewables integration in Bulgaria;
- deployment of photovoltaic and energy storage capacity for public water service providers in Croatia;
- support to households for the acquisition and installation of new photovoltaic systems in Czechia;
- improving energy efficiency and promoting renewable energy use in public sector buildings in Estonia;
- modernisation and development of renewable energy-based district heating systems in Hungary;
- use of renewable energy sources in multi-apartment buildings, public buildings, and energy communities in Latvia;
- development of storage capacities to balance energy systems in Lithuania;
- upgrading of heavy-duty transport charging infrastructure in Poland;
- contract-for-difference support schemes for the production of electricity from renewable sources in Romania;
- production of renewable hydrogen and highly efficient co-generation in Slovakia.
The next deadlines for Member States to submit investment proposals for potential support by the Modernisation Fund are 13 August 2024 for non-priority proposals, and 10 September 2024 for priority proposals.