The European Union has announced nearly €3bn in backing for renewables projects across the continent.
It has paid out €2.967bn via the Modernisation Fund to support 39 energy projects in 10 EU Member States.
These investments will support the upgrading of energy systems, reducing greenhouse gas emissions in the energy, industry and transport sectors, and improving efficiency.
This is the largest disbursement to date via the Modernisation Fund, bringing the total spending to €12.65bn since January 2021.
The EU said the awards help Member States to meet their climate and energy targets and contribute to its long-term target of reaching climate neutrality by 2050.
The Member States benefitting from the first disbursement of 2024 are Bulgaria (€65.2m), Croatia (€52m), Czechia (€835.2m), Estonia (€24.1m), Hungary (€76.8m), Latvia (€26.8m), Lithuania (€59m), Poland (€697.5m), Romania (€1.095bn) and Slovakia (€35m).
The projects all focus on renewable electricity generation, use and deployment of renewable energy sources, modernisation of energy networks and energy efficiency.
The proposals include reinforcement of Bulgarian grid; deployment of photovoltaic and energy storage capacity for public water service providers in Croatia; support to Czech households for the acquisition and installation of solar systems; improving energy efficiency and promoting renewable energy use in public sector buildings in Estonia; modernisation and development of renewable energy-based district heating systems in Hungary; use of renewable energy in multi-apartment Latvian buildings, public buildings, and energy communities; development of storage capacities in Lithuania; upgrading of heavy-duty Polish transport charging infrastructure; Contract for Difference support schemes for the production of electricity from renewable sources in Romania; production of renewable hydrogen and co-generation in Slovakia.
The next deadlines for Member States to submit investment proposals for potential support by the Modernisation Fund are 13 August 2024 for non-priority proposals, and 10 September 2024 for priority proposals.
Executive Vice-President for European Green Deal, Interinstitutional Relations and Foresight Maroš Šefčovič said: “The Modernisation Fund is a crucial instrument to foster decarbonisation, while showing solidarity in the EU.
“The €12.65bn that we have disbursed to Member States since 2021 prove our commitment to achieving our climate neutrality goal in a socially fair manner.
“By supporting this group of Member States in modernising their energy systems, we continue to move forward on our decarbonisation path via investment into clean technologies that also make us competitive in the long run.
Commissioner for Climate Action Wopke Hoekstra said: “Today’s disbursement of nearly €3bn marks another step forward in Europe’s transition toward climate neutrality.
“This record figure shows again the benefits of pricing carbon and investing the revenues in our green transition, in a way that benefits our citizens, our industries and our climate.”
European Investment Bank vice president Ambroise Fayolle added: “To deliver Europe’s green transition, targeted and impactful investments that combine climate action, competitiveness and cohesion objectives are of critical importance.
“For Modernisation Fund Member States the support provided to modernise their energy networks, improve energy efficiency and accelerate an affordable transition away from fossil fuels to renewables is a very positive development.
“Today’s announcement of the single largest disbursement to date, shows that the EU Modernisation Fund has become a key financing mechanism to accelerate the decarbonisation of our economies with a view to meeting Europe’s ambitious climate targets.”