EU’s Modernisation Fund disburses €3.66bn for clean energy projects in nine countries

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🗞️ Driving the news: The European Union's Modernisation Fund has announced the disbursement of EUR 3.66 billion to support clean energy projects across nine countries
• The funding will focus on renewable energy, energy storage, grid upgrades, and energy efficiency, with Poland, the Czech Republic, and Romania receiving the largest shares of the funds

🔭 The context: This latest round of funding continues the EU's effort to modernize energy infrastructure in member states, particularly those with economies still heavily reliant on fossil fuels
• The Modernisation Fund is primarily financed by carbon pricing revenues under the EU Emissions Trading System (EU ETS) and aims to reduce emissions while promoting energy transition

🌍 Why it matters for the planet: These investments will help decarbonize sectors like energy, transportation, and industry, improving energy efficiency and enabling renewable energy integration
• The funds aim to reduce greenhouse gas emissions and assist countries in meeting their climate and energy targets, particularly important as the EU works to meet its 2030 and 2050 climate commitments

⏭️ What's next: As the EU progresses with these projects, the funds will directly contribute to increasing energy security, reducing energy bills, and creating jobs in the green economy
• Future rounds of funding will continue to focus on advancing clean technologies and ensuring a fair energy transition for all member states

💬 One quote: “These investments will help make the energy transition real, fair, and beneficial for all,” — Teresa Ribera, European Commission’s Executive Vice-President for Clean, Just and Competitive Transition

📈 One stat: The total disbursements from the Modernisation Fund since January 2021 have now reached EUR 19.1 billion

See on illuminem's Data Hub™ the sustainability performance of countries and companies benefiting from these investments.

Click for more news covering the latest on EU energy transition and sustainable finance.