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EU invests an additional €2 billion in clean energy infrastructure projects in member states via the Modernization Fund

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Under the Modernization Fund, €2.17 billion has been disbursed to help modernise the energy systems in nine member states through 19 selected projects. These investments will help lower-income EU countries to meet their 2030 climate and energy targets and will reduce greenhouse gas emissions in energy, industry and transport, and improve energy efficiency.

Following investments announced in June of €2.49bn for 31 projects, today's disbursement of a further €2.17bn brings the total Modernisation Fund investments for 2023 to €4.66 billion for 50 projects. They focus on electricity generation from renewables, modernisation of energy networks, energy efficiency, and the replacement of coal generation with lower carbon intensity fuels. This year, support from the Modernisation Fund was granted to Bulgaria (€197 million), Croatia (€88m), Czechia (€1.848bn), Estonia (€66m), Latvia (€5m), Lithuania (€11m), Poland (€221m), Romania (€2.169bn), and Slovakia (€60m).

Funded by revenues from the EU Emissions Trading System (EU ETS), the Modernization Fund has now disbursed a total of €9.68bn of EU ETS revenues since its launch in 2021 to help member states to accelerate the green transition. An overview of previous disbursements from the fund can be found here.

More information can be found in the press release online.

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