World News

World News23.12.2024

European Commission and EIB approve €2.7 billion for clean energy systems via Modernisation Fund

QAZAQ GREEN. The European Commission, in collaboration with the European Investment Bank (EIB), has disbursed an additional €2.7 billion under the Modernisation Fund to support cleaner energy systems across eight EU Member States, according to EC.

This funding will drive 39 investment projects aimed at reducing greenhouse gas emissions and improving energy efficiency, with a particular focus on strengthening clean industrial sectors in lower-income EU countries. The disbursement marks the first investment under the Fund for Slovenia, which joined as a beneficiary in 2024.

Funded by revenues from the EU's Emissions Trading System (EU ETS), the Modernisation Fund has now allocated €15.45 billion to clean energy transition projects since its inception in 2021. Today's announcement follows a €2.97 billion disbursement in June, bringing the total 2024 investment to €5.67 billion for 77 projects across 11 countries. The recipient nations include Bulgaria (€65 million), Croatia (€52 million), Czechia (€1.283 billion), Estonia (€84 million), Hungary (€202 million), Latvia (€27 million), Lithuania (€185 million), Poland (€1.733 billion), Romania (€1.956 billion), Slovenia (€309 million), and Slovakia (€153 million).

The projects funded in 2024 prioritize renewable electricity generation, modernization of energy networks, energy efficiency improvements, and transitioning from coal to lower-carbon fuels.

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