Brussels: Today, the European Commission and the European Investment Bank announced a significant investment of pound 3.66 billion from the Modernisation Fund to support 34 energy-related projects across nine EU Member States.
According to Cyprus News Agency, these investments aim to modernise energy systems within the EU, reduce greenhouse gas emissions in the energy, industry, and transport sectors, and enhance energy efficiency. The projects are intended to help the beneficiary Member States meet their climate and energy goals while strengthening the EU’s industrial competitiveness. This will be achieved by supporting modern and resilient energy infrastructure, fostering innovation, and reducing the EU’s reliance on fossil fuel imports.
Funded by revenues from the EU Emissions Trading System (EU ETS), this disbursement marks the largest allocation from the Modernisation Fund to date, bringing the total disbursed funding to pound 19.1 billion since January 2021. The beneficiaries of this disbursement include Croatia, Czechia, Greece, Hungary, Latvia, Lithuania, Poland, Romania, and Slovenia. Notably, this round includes the first investments in Greece, which became a Modernisation Fund beneficiary in January 2024. The projects focus on renewable electricity generation, the use and deployment of renewable energy sources, modernisation of energy networks, and energy efficiency.
These strategic investments signify the EU’s commitment to transitioning to cleaner energy systems, ultimately contributing to the global fight against climate change and supporting economic growth within the region.