EU Invests another 2 Billion Euros in Clean Energy Infrastructure Projects through the Modernisation Fund

As part of the Modernisation Fund, 2.17 billion euros were disbursed today for the modernisation of energy systems in nine member states through 19 selected projects. These investments will help lower-income EU countries achieve their 2030 climate and energy goals, reduce greenhouse gas emissions from the energy, industry, and transport sectors, and improve energy efficiency.
Following investments of 2.49 billion euros for 31 projects announced in June, with today’s disbursement of another 2.17 billion euros, the total investments of the Modernisation Fund for 2023 amount to 4.66 billion euros for 50 projects. The projects focus on electricity generation from renewable sources, modernisation of energy networks, energy efficiency, and replacing coal production with lower carbon intensity fuels. This year, support from the Modernisation Fund was granted to Bulgaria (197 million euros), Croatia (88 million euros), Czech Republic (1.848 billion euros), Estonia (66 million euros), Latvia (5 million euros), Lithuania (11 million euros), Poland (221 million euros), Romania (2.169 billion euros), and Slovakia (60 million euros).
The Modernisation Fund is financed with revenues from the EU Emissions Trading System (EU ETS). Since its establishment in 2021, it has disbursed funds totaling 9.68 billion euros from EU ETS revenues, helping member states accelerate the green transition.