BAKU, Azerbaijan, December 19. The European Commission, in collaboration with the European Investment Bank, has allocated 2.7 billion euros under the Modernisation Fund to support 39 clean energy projects across eight EU members, Trend reports.
This marks a milestone as Slovenia, newly eligible for the fund in 2024, receives its first investment under the initiative. The funding aims to help lower-income member states meet their 2030 climate and energy goals by reducing greenhouse gas emissions and enhancing energy efficiency.
Since its inception in 2021, the Modernisation Fund, financed through revenues from the EU's Emissions Trading System (EU ETS), has invested 15.45 billion euros in projects accelerating the clean energy transition.
This latest disbursement builds on June's 2.97 billion euro allocation, bringing the total funding for 2024 to 5.67 billion euros, supporting 77 projects in 11 countries. This year’s investments have been directed toward electricity generation from renewables, modernizing energy networks, improving energy efficiency, and replacing coal with lower-carbon fuels.
Beneficiaries in 2024 include Romania (1.956 billion euros), Poland (1.733 billion euros), Czechia (1.283 billion euros), and Slovenia (309 million euros), alongside allocations to Bulgaria, Croatia, Estonia, Hungary, Latvia, Lithuania, and Slovakia.
The fund continues to encourage proposals for future support, with submission deadlines set for January and February 2025. Priority projects targeting energy system modernization and emission reductions will receive focused attention, ensuring alignment with the EU’s broader climate ambitions.