Poland receives EUR 697.5 mln in June from EU Modernisation Fund - EC
In June, the European Union has disbursed EUR 697.5 million to Poland via the Modernisation Fund, which gave Poland the third place in terms of disbursements after Romania and the Czech Republic, according to the European Commission's report. Currently, 13 EU countries can benefit from this fund.
"In total, disbursements from the Modernisation Fund have amounted to around EUR 12.7 billion since January 2021," the EC wrote in the EU Climate Action Progress Report for 2024.
"In June 2024, the Commission adopted its seventh decision on disbursements from the fund. On this basis, the European Investment Bank has disbursed a total of EUR 3 billion to 10 beneficiary countries," it added.
The EC said that the next deadlines for member states to submit investment proposals for support from the Modernisation Fund were August 13 for non-priority projects and September 10 for priority projects.
The EU Modernisation Fund is a financial instrument fed by the sale of 4.5 percent of the total pool of CO2 emission allowances under the EU-ETS.
These allowances are sold in six-monthly tranches by the European Investment Bank. It is estimated that around PLN 60 billion (EUR 13.8 bln) could flow to Poland from the Modernisation Fund in 2021-2030.
Funds from the Modernisation Fund support the modernisation of the energy system, energy efficiency improvements and zero-emission transport in Poland and 12 other European Union countries.
According to the law on the greenhouse gas emission trading scheme, the function of the national operator of the Modernisation Fund is performed by Polish National Fund for Environmental Protection and Water Management NFOSiGW.
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