EU Disburses EUR 2.17 Billion to Accelerate Energy Modernisation
These investments, funded by the EU Emissions Trading System (EU ETS) revenues, will contribute to reducing greenhouse gas emissions across the energy, industry, and transport sectors.
December 21, 2023. By Abha Rustagi
These investments, funded by the EU Emissions Trading System (EU ETS) revenues, will contribute to reducing greenhouse gas emissions across the energy, industry, and transport sectors, while also enhancing energy efficiency. This disbursement marks a total of EUR 9.68 billion disbursed since the fund's launch in 2021, underscoring the EU's commitment to supporting Member States in their sustainable energy transition.
Building on the EUR 2.49 billion investment announced in June for 31 projects, the additional disbursement of EUR 2.17 billion for 19 projects brings the total Modernisation Fund investments for 2023 to EUR 4.66 billion across 50 projects.
Benefiting lower-income EU countries, the Modernisation Fund has allocated support to Bulgaria (EUR 197 million), Croatia (EUR 88 million), Czechia (EUR 1.848 billion), Estonia (EUR 66 million), Latvia (EUR 5 million), Lithuania (EUR 11 million), Poland (EUR 221 million), Romania (EUR 2.169 billion), and Slovakia (EUR 60 million).
The 50 projects encompass a diverse range of initiatives, including electricity generation from renewables, modernisation of energy networks, energy efficiency improvements, and the transition from coal to lower carbon intensity fuels.
Examples include the modernisation of Bulgaria's electricity distribution grid to accelerate electrification in transport and energy decentralisation, the production of electricity from photovoltaics in Croatia, and the improvement of energy efficiency in public buildings in Estonia.
The Modernisation Fund, financed by the auction of emission allowances under the EU ETS, plays a crucial role in supporting the transition to climate neutrality in countries with lower incomes.
please contact: contact@energetica-india.net.
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