The European Green Deal allocated €4.11 billion to accelerate clean energy transition projects

Climate change action is encapsulated in the European Green Deal for Europe to become the world’s first climate-neutral continent by 2050. Image: Medium

EUROCHAM Malaysia announced the Modernisation Fund has disbursed a total of €4.11 billion, as part of the European Green Deal, in support of 61 clean energy transition projects in eight Member States.

The support will help the receiving Member States in meeting their 2023 climate and energy targets and the projects mainly help modernising energy systems, improved energy efficiency and reduce transport-, energy-, industry- and agriculture greenhouse gas emissions.

Disbursements were made to Croatia, Czechia, Estonia, Hungary, Lithuania, Poland, Romania and Slovakia and the projects focus on generating electricity from renewables, modernizing energy networks and the replacement of coal generation with lower carbon intensity fuel.

Some of the funded projects include:

  • Low-emission energy-efficient public transport in Estonia.
  • Optimisation, digitalisation and automation of manufacturing processes to reduce electricity consumption and material use in Hungary.
  • Building 8 photovoltaic parks and two combined cycle gas turbine plants, replacing lignite with renewables and gas for power generation, and modernisation of electricity networks in Romania.
  • The rehabilitation and extension of district heating and cooling networks, and decarbonisation projects in the industrial sector in Slovakia.

The deadline for beneficiary Member States to submit investment proposals for potential Modernisation Fund support in the next disbursement cycle is 19 January 2023 for non-priority proposals, and 16 February 2023 for priority proposals.

Funded by revenues from the auction of emission allowances from the EU’s Emissions Trading System, the Modernisation Fund aims to support ten lower income EU countries in transitioning to climate neutrality.

The Modernisation Fund supports investments in the generation and use of energy from renewable sources, energy efficiency, energy storage, modernisation of energy networks, including district heating, pipelines and grids, and just transition in carbon-dependent regions.

The Fund operates under the responsibility of its beneficiary countries in close cooperation with the European Commission and the European Investment Bank.

Source: https://www.facebook.com/eurochammy/

Further information: https://www.eurocham.my/news?pagedetail=4266&fbclid=IwAR2q5DnY66HavdUxY9YnuUaJCZGk2_sPdiB2NV63JDrlxKSnVsVvm08oi_k

About Jeannette Hinrup

Jeannette Sophie Hinrup is a Danish environmental geographer traveling South East Asia while writing for ScandAsia.

View all posts by Jeannette Hinrup

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