Dec 20, 2024

The EU allocates an additional 2.7 billion euros for renewable energy initiatives.

On Thursday, the European Commission announced that it has allocated 2.7 billion euros (approximately 2.8 billion dollars) from the EU's Modernisation Fund to support 39 clean energy projects across eight member states. Slovenia joined as a beneficiary in 2024.

These projects aim to assist lower-income EU countries in strengthening their clean industrial sectors and achieving their 2030 climate and energy objectives by reducing greenhouse gas emissions and enhancing energy efficiency, according to a press release from the Commission.

Financed by revenues generated from the European Union's Emissions Trading System (EU ETS), the Modernisation Fund has invested a total of 15.45 billion euros to facilitate projects related to the clean energy transition since its inception in 2021.

The latest funding round has brought total disbursements for 2024 to 5.67 billion euros, which encompasses 77 projects across 11 countries.

This year, disbursements were allocated to Bulgaria (65 million euros), Croatia (52 million euros), Romania (1.956 billion euros), and Slovenia (309 million euros), along with additional disbursements to Czechia, Estonia, Hungary, Latvia, Lithuania, Poland, and Slovakia.

The 77 projects initiated this year are centered around renewable energy, modernization of energy networks, energy efficiency, and the reduction of coal use. Specific projects include grid reinforcement in Bulgaria, photovoltaic and storage systems in Croatia, a 1,500 MWh battery storage facility in Romania, and renewable energy alongside storage investments in Slovenia.

The Modernisation Fund facilitates investments in the generation and utilization of energy from renewable sources, energy efficiency initiatives, energy storage solutions, the modernization of energy networks, including district heating pipelines and grids, and a just transition for regions reliant on carbon-dependent industries.