EU invests EUR 3 bn emissions trading revenues for cleaner energy systems
Solar panels - Photo by AleSpa
(BRUSSELS) - The European Union disbursed EUR 2.967 billion Monday via its Modernisation Fund to support 39 energy projects in 10 EU Member States.
The investments will support the modernisation of energy systems, reducing greenhouse gas emissions in the energy, industry and transport sectors, and improving energy efficiency.
The Modernisation Fund supports investments in the generation and use of energy from renewable sources, energy efficiency, energy storage, modernisation of energy networks, including district heating, pipelines and grids, and just transition in carbon-dependent regions.
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).
Thiese projects 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.
Adopted disbursement decisions
Confirmations of priority investments
Recommendations of the Modernisation Fund Investment Committee