EU allocates $4.3 B for clean energy projects
The European Commission and EIB distribute $4.3 B to 34 energy projects in nine countries to modernise grids and boost renewable energy capacity.
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EU: On July 3, the European Commission and the European Investment Bank (EIB) announced the disbursement of $4.3 B (EUR 3.6 B) to support 34 energy-related initiatives across nine EU member states.
The funds, sourced from the EU Emissions Trading System through the Modernisation Fund, aim to accelerate the energy transition in Croatia, Czechia, Greece, Hungary, Latvia, Lithuania, Poland, Romania, and Slovenia.
The selected projects target key areas such as renewable electricity production, integration of clean energy sources, upgrading electricity infrastructure, and improving energy efficiency. Specific examples include renewable heating solutions in Croatia, energy storage developments in Czechia and Lithuania, grid expansion in Latvia, and modernisation efforts in Slovenia.
These investments are expected to help participating countries modernise their energy systems, reduce carbon emissions across the power, industrial, and transport sectors, and move closer to their climate objectives.
This latest round of financing raises the total amount allocated under the Modernisation Fund to $22.5 B (€19.1 B) since its launch in January 2021. The fund is designed to assist 13 lower-income EU nations in meeting the EU’s long-term goal of achieving climate neutrality.
Source: Renewables Now
#clean energy projects#EU#European Commission#European Investment Bank#Grid modernisation
