New tranche from the Modernization Fund, EUR 52 million to Croatia
The European Union has paid out almost three billion euros from the Modernization Fund to support 39 energy projects in 10 member states, including Croatia, the European Commission announced on Monday.
As part of the new tranche, EUR 2.967 billion was paid, and Croatia received EUR 52 million of that amount. This is the largest payment from the Modernization Fund so far, and a total of EUR 12.65 billion has been paid since January 2021. A total of EUR 209.96 million has been paid to Croatia so far.
The modernization fund is a financial instrument established by the Greenhouse Gas Emissions Trading Directive for the period from 2021 to 2030 with the aim of achieving climate neutrality.
With the aim of speeding up the energy transition in the member states with lower incomes, through the Modernization Fund, 10 countries (along with other European instruments) were given the opportunity to use grants intended to encourage modernization investments in the power sector, as well as other energy systems.
The European Union has paid out almost three billion euros from the Modernization Fund to support 39 energy projects in 10 member states, including Croatia, the European Commission announced on Monday.
As part of the new tranche, EUR 2.967 billion was paid, and Croatia received EUR 52 million of that amount. This is the largest payment from the Modernization Fund so far, and a total of EUR 12.65 billion has been paid since January 2021. A total of EUR 209.96 million has been paid to Croatia so far.
The modernization fund is a financial instrument established by the Greenhouse Gas Emissions Trading Directive for the period from 2021 to 2030 with the aim of achieving climate neutrality.
With the aim of speeding up the energy transition in the member states with lower incomes, through the Modernization Fund, 10 countries (along with other European instruments) were given the opportunity to use grants intended to encourage modernization investments in the power sector, as well as other energy systems.
Fund resources can be used by Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania and Slovakia, with Croatia receiving 3.14 percent of the collected funds. In January of this year, three more countries that can use these funds were added to that list - Greece, Portugal and Slovenia.
The Modernization Fund supports investments in the production and use of energy from renewable sources, energy efficiency, energy storage, modernization of energy networks, including central heating, pipelines and networks, and a just transition in carbon-dependent regions.
The fund complements other EU instruments such as cohesion funds and the Just Transition Fund.
In Croatia, these funds are used, among other things, for the development of photovoltaic and energy storage capacities for public service providers in water supply. The project of improving energy efficiency and production of electricity from renewable sources at production facilities in Dilj, improving energy efficiency and investing in high-efficiency cogeneration in the processing industry and the like is also financed.
The next deadlines for member states to submit investment proposals for potential Modernization Fund support are August 13, 2024 for non-priority proposals and September 10, 2024 for priority proposals.