Lower-income EU nations obtain EUR 2.4 bn to pursue green transition

• The European Commission (EC) revealed on Thursday that the Modernisation Fund has paid out EUR 2.4 billion (USD 2.56 bn) to 31 projects in seven EU countries, consisting of for renewable electricity generation and grid modernisation.

The fund, which supports EU participant states with reduced incomes in their change to climate neutrality, has now invested a total of EUR 7.5 billion in 10 eligible nations. The latest dispensations are as adheres to: EUR 1.1 billion to Romania, EUR 1 billion to Czechia, EUR 197 million to Bulgaria, EUR 47 million to Poland, EUR 88 million to Croatia, EUR 5 million to Latvia and also EUR 1 million to Lithuania.

Bulgaria, particularly, has actually obtained funds to modernise its electricity circulation grid in order to quicken the electrification of transportation, storage space release, and also the decarbonisation and also decentralisation of power consumption and also manufacturing.

At the same time, Croatia got an investment for the installation of solar and energy storage space capacity for public water provider, while Romania saw financial support for brand-new renewables, district heating, and also gas infrastructure to replace coal-fired power plants.