European Union Announces Huge Investment of Almost €3 Billion Into Renewables

A €2.97 billion investment has been announced by the European Union, as part of the Union’s Modernisation Fund. These investments plan to support 39 renewable energy projects across 10 EU Member States, aiming to advance the modernisation of energy systems along with reducing greenhouse gas emissions in the energy industry and transport sectors in a bid to improve energy efficiency.

The total spend via the Modernisation Fund since January 2021 is €12.65 billion, with this recent investment being the largest to date. These funds are intended help Member States meet their climate and energy targets, whilst contributing to the EU’s long-term target of reaching carbon neutrality by 2050.

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The Member States that benefit from this first disbursement of 2024 are: Romania (€1.1bn), Czechia (€835m), Poland (€697.5m), Hungary (€77m), Bulgaria (€65m), Lithuania (€59m), Croatia (€52m), Slovakia (€35m), Latvia (€27m) and Estonia (€24m).

Amongst the funded proposals are initiatives to strengthen the Bulgarian power grid, expand photovoltaic and energy storage in Croatia, enhance energy efficiency in Estonian public sector buildings and the production of renewable hydrogen. Member States have upcoming deadlines to submit further investment proposals, with non-priority proposals due by 13th August 2024 and priority proposals due by 10th September 2024.

European Commission executive vice-president for the European Green Deal, Interinstitutional Relations and Foresight Maroš Šefčovič stated: “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 proves 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.”

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