The European Union will invest 3.66 billion euros in clean energy projects.

        On July 3rd, the European Commission and the European Investment Bank announced that they have allocated 3.66 billion euros from the Modernization Fund to support 34 energy projects in nine EU member states.
        These investments will support the modernization of the EU's energy system, reduce greenhouse gas emissions in the energy, industrial, and transportation sectors, and improve energy efficiency. These projects will help the beneficiary member states achieve their climate and energy goals. In addition, they will enhance the EU's industrial competitiveness by supporting modern, efficient, and resilient energy infrastructure, promoting innovation, and helping to reduce the EU's fossil fuel imports.
        This funding is financed by the revenues of the EU Emissions Trading System (EU ETS) and is the largest allocation from the Modernization Fund to date, bringing the total allocation since January 2021 to 19.1 billion euros.