This disbursement is the largest to date via the Modernisation Fund, bringing the total spending to €12.65 billion (~$13.57 billion) since January 2021. These investments are pivotal in helping Member States meet their climate and energy targets and contribute to the EU's long-term goal of achieving climate neutrality by 2050, the European Commission said in a press release.

The Member States benefiting from the first disbursement of 2024 include Bulgaria (€65.2 million or ~$69.97 million), Croatia (€52 million or ~$55.80 million), Czechia (€835.2 million or ~$896.17 million), Estonia (€24.1 million or ~$25.86 million), Hungary (€76.8 million or ~$82.41 million), Latvia (€26.8 million or ~$28.76 million), Lithuania (€59 million or ~$63.31 million), Poland (€697.5 million or ~$748.42 million), Romania (€1.095 billion or ~$1.17 billion), and Slovakia (€35 million or ~$37.56 million).

Examples of funded proposals include reinforcement of the electricity transmission grid to support renewable integration in Bulgaria; deployment of photovoltaic and energy storage capacity for public water service providers in Croatia; support to households for the acquisition and installation of new photovoltaic systems in Czechia; improving energy efficiency and promoting renewable energy use in public sector buildings in Estonia; modernisation and development of renewable energy-based district heating systems in Hungary; use of renewable energy sources in multi-apartment buildings, public buildings, and energy communities in Latvia; development of storage capacities to balance energy systems in Lithuania; upgrading of heavy-duty transport charging infrastructure in Poland; contract-for-difference support schemes for the production of electricity from renewable sources in Romania; and production of renewable hydrogen and highly efficient co-generation in Slovakia.

Member States are reminded of the upcoming deadlines for submitting investment proposals for potential support by the Modernisation Fund, with non-priority proposals due by August 13, 2024, and priority proposals by September 10, 2024.

Funded by revenues from the auctioning of emission allowances under the EU's Emissions Trading System, the Modernisation Fund aims to support thirteen lower-income Member States in their transition to climate neutrality. The beneficiary Member States are Bulgaria, Croatia, Czechia, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, Greece, Portugal, and Slovenia, the latter three becoming eligible for support as of January 2024 under the revised EU Emissions Trading System (EU ETS).

The Modernisation Fund supports investments in the generation and use of energy from renewable sources, energy efficiency, energy storage, modernisation of energy networks, and just transition in carbon-dependent regions. The Fund complements other EU instruments such as Cohesion policy and the Just Transition Fund. It mobilises significant resources to help eligible countries support investments in line with the REPowerEU Plan and the Fit For 55 package. It operates under the responsibility of the beneficiary countries in close cooperation with the European Commission and the European Investment Bank (EIB).

Fibre2Fashion News Desk (KD)