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EU Invests €3 Billion in Clean Energy for 10 Nations

EU Invests €3 Billion in Clean Energy for 10 Nations

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Key Impact Points:

  • EU disburses €2.967 billion to modernize energy systems in 10 countries.
  • Investments target renewable energy, energy efficiency, and emissions reduction.
  • Largest Modernisation Fund disbursement to date, totaling €12.65 billion since 2021.

The European Union has disbursed €2.967 billion via the Modernisation Fund to support 39 energy projects in 10 EU Member States. This funding aims to modernize energy systems, reduce greenhouse gas emissions, and improve energy efficiency in the energy, industry, and transport sectors.

European Commissioner for Energy Kadri Simson stated, “This investment is crucial for helping Member States meet their climate and energy targets and contributes significantly to the EU’s goal of climate neutrality by 2050.

The Member States benefiting from this first disbursement of 2024 include:

  • Bulgaria (€65.2 million): Reinforcement of electricity transmission grid to support renewables integration.
  • Croatia (€52 million): Deployment of photovoltaic and energy storage capacity for public water service providers.
  • Czechia (€835.2 million): Support for households acquiring new photovoltaic systems.
  • Estonia (€24.1 million): Improving energy efficiency in public sector buildings.
  • Hungary (€76.8 million): Modernizing renewable energy-based district heating systems.
  • Latvia (€26.8 million): Use of renewable energy sources in public and multi-apartment buildings.
  • Lithuania (€59 million): Development of storage capacities to balance energy systems.
  • Poland (€697.5 million): Upgrading heavy-duty transport charging infrastructure.
  • Romania (€1.095 billion): Contract-for-difference support schemes for renewable electricity production.
  • Slovakia (€35 million): Production of renewable hydrogen and highly efficient co-generation.

Related Article: U.S. Department of the Treasury, IRS Release Final Rules to Ensure Good-Paying Clean Energy Jobs, Expand Clean Energy Workforce

Next deadlines for Member States to submit investment proposals for the Modernisation Fund support are August 13, 2024, for non-priority proposals, and September 10, 2024, for priority proposals.

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