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HomeEuropeModernisation Fund speeds up energy transition

Modernisation Fund speeds up energy transition

'Quick read' news summary

The European Commission pointed out that the Modernisation Fund is helping to speed up the energy transition.

In a statement released on Wednesday, the body noted that the fund disbursed 4.11 billion euro to support 61 projects in 8 EU member states in its second year of operation.

“These projects will help modernise energy systems, reduce greenhouse gas emissions in energy, industry, transport and agriculture, and improve energy efficiency,” the Commission stressed and added “supporting these investments will help those member states to meet their 2030 climate and energy targets and accelerate the EU’s green transition.”

Frans Timmermans, Executive Vice President of the EC for the European Green Deal, stressed that the Modernisation Fund is important for a fair energy transition.

“We are investing some of the revenues from the EU emissions trading system in the modernisation of the energy system in those member states where greater efforts in this regard are needed, and where GDP per capita is lower than elsewhere in the EU,” he noted.

Timmermans pointed out that the EC and the European Investment Bank (EIB) provided “substantial funding” this year and will provide more in the coming years.

This year’s recipients include Romania (1.39 billion euro), followed by the Czech Republic with 1.34 billion, Poland with 643.2 million, Slovakia with 399.5 million, Croatia with 119.8 million, Lithuania with 85 million, Hungary with 74.3 million and Estonia with 62.4 million.

In addition, the fund recently disbursed 1.71 billion euro to support 16 more projects.

Ambroise Fayolle, EIB Vice-President, stressed the importance of scaling up investments to meet EU’s energy and climate targets on the path towards carbon neutrality.

“I welcome the more than 4 billion euro in financing from the Modernisation Fund in 2022 which shows its important role for the energy transition,” he noted and added “as the EU climate bank, the EIB is

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