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€4.11 billion from EU Modernisation Fund to speed up energy transition in 8 countries

© Frédéric Paulussen

The Modernization Fund has given out a total of €4.11 billion to 61 projects across eight beneficiary countries in its second year of operation. These initiatives will aid in modernising energy infrastructure, lowering greenhouse gas emissions from energy production, industry, transportation, and agriculture, and enhancing energy effectiveness. By encouraging these investments, the EU’s green transition will move forward faster and these Member States will be able to reach their 2030 energy and climate commitments.

Croatia received €119.8 million, Czechia €1.34 billion, Estonia €62.4 million, Hungary €74.3 million, Lithuania €85 million, Poland €643.2 million, Romania €1.39 billion, and Slovakia €399.5 million as payments this year. A further €1.71 billion has been disbursed today to assist 16 further investment ideas, adding to the €2.4 billion that was originally disbursed in June to support 45 investment plans.

The 61 investment proposals chosen for the Modernization Fund this year concentrate on the use of renewable energy sources to produce electricity, the modernization of energy networks, energy efficiency in buildings, industry, and transportation, as well as the substitution of coal for fuels with lower carbon intensity.