The European Union has announced a significant financial commitment of nearly €3 billion through its Modernisation Fund, aimed at advancing renewable energy projects across 10 Member States. This funding, the largest disbursement to date from the fund since January 2021, underscores the EU's dedication to achieving climate neutrality by 2050.
The investment will support 39 energy projects focused on upgrading energy systems, reducing greenhouse gas emissions in sectors such as energy, industry, and transport, and enhancing overall energy efficiency. The projects span Bulgaria, Croatia, Czechia, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, and Slovakia, targeting various aspects of renewable electricity generation, energy storage, modernization of energy networks, and efficiency improvements.
Executive Vice-President for European Green Deal, Maroš Šefčovič, emphasized the fund's role in promoting decarbonisation and solidarity within the EU:
“The Modernisation Fund is a crucial instrument to foster decarbonisation, while showing solidarity in the EU. The €12.65bn that we have disbursed to Member States since 2021 prove our commitment to achieving our climate neutrality goal in a socially fair manner. By supporting this group of Member States in modernising their energy systems, we continue to move forward on our decarbonisation path via investment into clean technologies that also make us competitive in the long run.”
Commissioner for Climate Action, Wopke Hoekstra, highlighted the benefits of carbon pricing and green investments:
“Today's disbursement of nearly €3bn marks another step forward in Europe's transition toward climate neutrality. This record figure shows again the benefits of pricing carbon and investing the revenues in our green transition, in a way that benefits our citizens, our industries and our climate.”
The European Investment Bank's Vice President, Ambroise Fayolle, emphasized the strategic importance of these investments:
“To deliver Europe's green transition, targeted and impactful investments that combine climate action, competitiveness and cohesion objectives are of critical importance. For Modernisation Fund Member States, the support provided to modernise their energy networks, improve energy efficiency and accelerate an affordable transition away from fossil fuels to renewables is a very positive development.”
