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The European Union is committing EUR 3 billion to renewable energy projects

Posted on by darion

Investments will focus on generating electricity from renewable sources. Source: Nordic Studio / Shutterstock.

The European Union (EU) has announced a €3 billion ($3.2 billion) boost to renewable energy projects, the largest disbursement to date under its Modernization Fund.

The financial support aims to modernize energy systems and reduce greenhouse gas emissions in various sectors, including energy, industry and transport.

As of January 2021, the Modernization Fund has allocated a total of EUR 12.65 billion to energy projects.

The EU emphasizes that this latest round of financing will help member states achieve their climate and energy goals, supporting the bloc’s ambition to become climate neutral by 2050.

The first payment for 2024 will go to ten EU member states, and significant amounts will be allocated to the Czech Republic (EUR 835.2 million), Poland (EUR 697.5 million) and Romania (EUR 1.095 billion).

These investments will focus on generating electricity from renewable sources, using renewable energy sources, modernizing energy networks and improving energy efficiency.

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The co-financed proposals include initiatives aimed at strengthening the Bulgarian energy grid, expanding photovoltaics and energy storage in Croatia, and supporting Czech households in the implementation of photovoltaic systems.

Other projects include improving energy efficiency in Estonian public sector buildings, modernizing Hungarian district heating systems and promoting renewable energy in Latvian multi-apartment buildings.

Energy storage capabilities will be developed in Lithuania, and truck charging infrastructure will be modernized in Poland.

Romania will benefit from programs supporting the production of electricity from renewable sources, and Slovakia will receive support for the production of renewable hydrogen.

Member States have upcoming deadlines for submitting further investment proposals to the Modernization Fund – non-priority proposals are to be submitted by August 13, 2024, and priority proposals – by September 10, 2024.

European Commission Executive Vice-President for the European Green Deal, Inter-institutional Relations and Forecasts, Maroš Šefčovič, said: “The Modernization Fund is a key instrument to support decarbonization while showing solidarity within the EU.

“The €12.65 billion that has been disbursed to member states since 2021 confirms our commitment to achieving the goal of climate neutrality in a socially fair way.

“By supporting this group of member states to modernize their energy systems, we continue to make progress on our decarbonization path by investing in clean technologies that also make us competitive in the long term.”