EU Modernisation Fund invests 2.4 billion euros to boost European Green Deal
The European Union's Modernisation Fund has disbursed 2.4 billion euros to 31 projects in seven beneficiary countries to help modernise their energy systems, reduce greenhouse gas emissions in energy, industry and transport, and improve energy efficiency.
The Modernisation Fund supports investments consistent with the 2030 climate and energy objectives of the Union, as well as the Paris Agreement, in carbon-dependent regions. This one is the joint largest disbursement to date, and it will provide a boost to Europe's green transition in seven out of ten European countries benefiting.
The Modernisation Fund aims to support ten EU countries with lower incomes in their transition to climate neutrality, and it is funded by revenues from the auction of emission allowances from the EU's Emissions Trading System, whose revised version (EU ETS) was enshrined into EU law in May 2023.
Some examples of proposals and projects that have received the funding focus on renewable electrici