The Strategist

EU reveals amount of clean energy funding

12/22/2022 - 09:32

In 2022, the EU has allocated €4.11 billion from the Modernisation Fund to support more than sixty projects in eight beneficiary countries to modernize energy systems and transition to green energy, according to a statement released by the EU Council.

Croatia, Estonia, the Czech Republic, Lithuania, Hungary, Poland, Romania, and Slovakia are said to have received funding.

"The 61 projects chosen for investment under the Modernisation Fund in 2022 are aimed at producing electricity from renewable sources, modernizing energy networks, and improving energy efficiency in the energy sector, industry, buildings, and transportation, as well as replacing coal-fired power generation with lower-carbon fuel generation," according to the document.

The EU intends to reduce its use of fossil fuels and has pledged to achieve climate neutrality by 2050. The EU is raising the interim target for the region's share of renewable energy consumption by 2030. It is planned to raise it from 32% to 45%.