Under the Modernisation Fund, €2.17 billion has been disbursed today to help modernise the energy systems in nine Member States through 19 selected projects. These investments will help lower-income EU countries to meet their 2030 climate and energy targets and will reduce greenhouse gas emissions in energy, industry and transport, and improve energy efficiency. They are funded by revenues from the EU Emissions Trading System (EU ETS). The Modernisation Fund has now disbursed a total of €9.68 billion of EU ETS revenues since its launch in 2021 to help Member States to accelerate the green transition.

Following investments announced in June of €2.49 billion for 31 projects, today's disbursement of a further €2.17 billion and 19 more projects brings the total Modernisation Fund investments for 2023 to €4.66 billion for 50 projects. Support from the Modernisation Fund was granted this year to Bulgaria (€197 million), Croatia (€88 million), Czechia (€1.848 billion), Estonia (€66 million), Latvia (€5 million), Lithuania (€11 million), Poland (€221 million), Romania (€2.169 billion), and Slovakia (€60 million).