site.btaEU Invests EUR 65 Mln in Bulgaria to Help It Meet Climate Targets

Bulgaria will get EUR 65.2 million to meet its climate and energy targets after the European Union disbursed EUR 2.967 billion via the Modernization Fund to support 39 energy projects in 10 EU Member States, the European Commission said Monday. These investments will support the modernization of energy systems, reducing greenhouse gas emissions in the energy, industry and transport sectors, and improving energy efficiency. 

This is the largest disbursement to date via the Modernization Fund, bringing the total spending to EUR 12.65 billion since January 2021. These investments are aimed to contribute to the EU's long-term target of reaching climate neutrality by 2050.

Apart from Bulgaria, the Member States benefitting from the first disbursement of 2024 are Croatia (EUR 52 million), Czechia (EUR 835.2 million), Estonia (EUR 24.1 million), Hungary (EUR 76.8 million), Latvia (EUR 26.8 million), Lithuania (EUR 59 million), Poland (EUR 697.5 million), Romania (EUR 1.095 billion) and Slovakia (EUR 35 million). 

The projects supported today focus on renewable electricity generation, use and deployment of renewable energy sources, modernization of energy networks and energy efficiency.

The proposals to be supported includes a Bulgarian project for reinforcement of the electricity transmission grid to support renewables integration in Bulgaria.

The next deadlines for Member States to submit investment proposals for potential support by the Modernization Fund are August 13, 2024 for non-priority proposals, and September 10, 2024 for priority proposals.

Funded by revenues from the auctioning of emission allowances under the EU's Emissions Trading System, the Modernization Fund aims to support thirteen lower-income Member States in their transition to climate neutrality. The beneficiary Member States are Bulgaria, Croatia, Czechia, Estonia, Hungary, Latvia, Lithuania, Poland, Romania and Slovakia, as well as Greece, Portugal and Slovenia.

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