The European Commission and the European Investment Bank have announced today the disbursement of €2.5 billion from the Modernisation Fund to support 51 energy-related projects in 11 EU Member States.

Financed by revenues from the EU Emissions Trading System (EU ETS), today's disbursement brings the total funding made available from the Modernisation Fund to €23.2 billion since January 2021. The beneficiary Member States of this round of funding are Czechia (€516.8 million), Estonia (€44.8 million), Greece (€233.9 million), Croatia (€109 million), Latvia (€40 million), Lithuania (€169 million) Hungary (€552.3 million), Poland (€180 million), Portugal (€81.4 million), Romania (€636.9 million) and Slovenia (€20.2 million).

These investments will help modernise energy systems by improving energy efficiency in the energy, industry and transport sectors whilst supporting the reduction of greenhouse gas (GHG) emissions.  The Modernisation Fund supports the lower-income beneficiary Member States to modernise their energy systems, meet their climate and energy targets, and implement their National Energy and Climate Plans. Today's disbursement will also contribute to the competitiveness of EU industry by supporting modern, efficient and resilient energy infrastructure, boosting renewable energy generation and storage, fostering innovation and helping to reduce the EU's imports of fossil fuels.