EU distributes nearly €3 billion across member states to advance energy projects
The European Commission announced that the European Union (EU) has distributed €2.967 billion via the Modernisation Fund to back 39 energy projects in 10 member states. The European Commission announced the disbursement of the funds in a press release.
According to the release, the endowed funds will aid the modernization of energy systems, reduce greenhouse gas (GHG) emissions in various sectors, and improve overall energy efficiency.
The investments will facilitate the Member States’ efforts to meet climate and energy goals and also contribute to the EU’s target of reaching climate neutrality by 2050.
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The initial disbursement for 2024 benefits several Member States as follows: Bulgaria will receive €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.
The funds allocated to these countries will be utilized for various projects in the member states.
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Examples of the projects include:
- Bulgaria: Reinforcement of electricity transmission grid to integrate renewable energy sources
- Croatia: Deployment of photovoltaic systems and energy storage for public water service providers
- Czechia: Support for households in acquiring and installing new photovoltaic systems for energy efficiency
- Estonia: Improvement of energy efficiency and promotion of renewable energy in public sector buildings
- Hungary: Modernization of district heating systems to increase reliance on renewable energy sources
- Latvia: Utilization of renewable energy in multi-apartment buildings, public facilities, and energy communities
- Lithuania: Development of storage capacities to stabilize energy systems
- Poland: Upgrading of heavy-duty transport charging infrastructure
- Romania: Support schemes for electricity production from renewable sources through contract-for-difference mechanisms
- Slovakia: Production of renewable hydrogen and enhancement of co-generation efficiency
These projects collectively aim to advance renewable energy deployment, improve energy efficiency, and foster sustainable infrastructure development across Europe.
Promoting renewable energy use in Latvia’s buildings, developing energy storage in Lithuania, upgrading transport charging in Poland, supporting renewable electricity production in Romania, and producing renewable hydrogen in Slovakia are also examples of projects that received funding.
These projects aim to enhance renewable energy adoption, improve energy efficiency, and develop sustainable regional infrastructure.
This funding marks the largest disbursement made via the Modernization Fund.
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