EU boosts green energy with €3B investment across 10 members

Economy Materials 24 June 2024 16:45 (UTC +04:00)
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, June 24. Today, the European Union has allocated 2.967 billion euros through the Modernization Fund to enhance energy infrastructure across 10 EU member states, Trend reports.

This substantial investment will fund 39 projects aimed at modernizing energy systems, reducing greenhouse gas emissions in sectors such as energy, industry, and transport, and enhancing overall energy efficiency.

This disbursement marks the largest to date via the Modernisation Fund, bringing total expenditures to 12.65 billion euros since January 2021. These initiatives are pivotal in helping Member States achieve their climate and energy goals, furthering the EU's ambition of achieving climate neutrality by 2050.

The funding will benefit Bulgaria (65.2 million euros), Croatia (52 million euros), Czechia (835.2 million euros), Estonia (24.1 million euros), Hungary (76.8 million euros), Latvia (26.8 million euros), Lithuania (59 million euros), Poland (697.5 million euros), Romania (1.095 billion euros), and Slovakia (35 million euros).

Projects supported include advancements in renewable electricity generation, utilization of renewable energy sources, modernization of energy networks, and improvements in energy efficiency.