7 Nations To Split €2.4bn EU Green Transition Financing

Seven countries have received approximately €2.4 billion (£2.1 billion) in assistance to help them expedite their green transition. It will help Romania, Poland, Czechia, Lithuania, Slovakia, Hungary, and Croatia cut greenhouse emissions in energy, industry, and transportation, as well as meet their 2030 energy and climate goals.

In Czechia, projects include municipal lighting modernization, district heating conversions from coal to biomass and gas, energy efficiency, as well as renewable energy production in Croatia. The money will also go towards the construction of 8 solar parks and 2 combined cycle turbine plants in Romania, the renovation of public buildings throughout Lithuania, energy efficiency improvements in industry in Poland, energy storage projects in Hungary, and also the restoration and outgrowth of district heating and cooling networks in Slovakia.

The funding comes from the Modernisation Fund’s third investment cycle, which is funded by proceeds from the EU’s Emissions Trading System’s emission allowance auction. The Modernisation Fund represents European unity in action, remarked Frans Timmermans, European Commission Executive Vice-President. It achieves tangible outcomes on the ground with money from the emissions trading scheme, assisting recipient nations in reducing greenhouse gas emissions in critical industries and becoming climate neutral.

Moreover, as a result of Russia’s invasion of Ukraine, this significant cash infusion will be available to begin projects that help expedite the energy transformation. The deadline for benefit member states to submit non-priority investment plans for possible support in the next funding round is August 16, 2022, and the deadline for priority proposals is September 13, 2022.