Today, the European Commission and the European Investment Bank announced that €3.66 billion have been disbursed from the Modernisation Fund to support 34 energy related projects in nine EU Member States.

These investments will support the modernisation of energy systems in the EU. They will reduce greenhouse gas (GHG) emissions in the energy, industry and transport sectors, and improve energy efficiency. The projects will help the beneficiary Member States to meet their climate and energy targets.  They will also strengthen the EU's industrial competitiveness by supporting modern, efficient and resilient energy infrastructure, fostering innovation and helping to reduce the EU's imports of fossil fuels.

Funded by revenues from the EU Emissions Trading System (EU ETS), this is the largest disbursement from the Modernisation Fund to date, bringing the total disbursed  funding to €19.1 billion since January 2021. The beneficiaries of today's disbursement are Croatia (€170 million) Czechia (€1.05 billion), Greece (€113.6 million), Hungary (€181.3 million), Latvia (€40 million), Lithuania (€37 million), Poland (€1.33 billion), Romania (€712.3 million) and Slovenia (€19.7 million). This round includes first investments in Greece, which became a Modernisation Fund beneficiary in January 2024.