Bulgaria will receive 65,2 million euros to meet its climate and energy targets after the European Union allocated 2,967 billion euros through the Modernization Fund to support 39 energy projects in 10 EU member states, the Commission said on Monday. European. These investments will support the modernization of energy systems, the reduction of greenhouse gas emissions in the energy, industry and transport sectors, as well as the improvement of energy efficiency.
This is the largest disbursement to date through the Modernization Fund, bringing total spending to €12.65 billion as of January 2021. These investments aim to contribute to the EU's long-term objective of achieving climate neutrality by 2050.
Projects supported today focus on renewable electricity production, use and deployment of renewable energy sources, modernization of energy networks and energy efficiency.
Proposals to be supported include a Bulgarian project to strengthen the electricity transmission network to support the integration of renewable sources in Bulgaria;
Financed from revenues from the auction of emission allowances under the EU 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, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania and Slovakia, as well as Greece, Portugal and Slovenia.
The Modernization Fund supports investments in the production and use of energy from renewable sources, energy efficiency, energy storage, the modernization of energy networks, including district heating, pipelines and networks, and the just transition in carbon-dependent regions, according to the European Commission./BTA/
