These investments aim to modernize energy systems, reduce greenhouse gas emissions in the energy, industry, and transport sectors, and enhance energy efficiency. This disbursement marks the largest to date from the Modernisation Fund, raising the total expenditure to €12.65 billion since January 2021. 

These funds assist Member States in achieving their climate and energy goals, contributing to the EU's long-term objective of climate neutrality by 2050.

The Member States benefiting from the first disbursement of 2024 include Bulgaria (€65.2 million), Croatia (€52 million), Czechia (€835.2 million), Estonia (€24.1 million), Hungary (€76.8 million), Latvia (€26.8 million), Lithuania (€59 million), Poland (€697.5 million), Romania (€1.095 billion), and Slovakia (€35 million). The funded projects focus on renewable electricity generation, the use and deployment of renewable energy sources, modernization of energy networks, and energy efficiency improvements.

Examples of funded proposals include:

-Reinforcing the electricity transmission grid to support renewable integration in Bulgaria.
-Deploying photovoltaic and energy storage capacity for public water service providers in Croatia.
-Supporting households in acquiring and installing new photovoltaic systems in Czechia.
-Improving energy efficiency and promoting renewable energy use in public sector buildings in Estonia.
-Modernizing and developing renewable energy-based district heating systems in Hungary.
-Utilizing renewable energy sources in multi-apartment buildings, public buildings, and energy communities in Latvia.
-Developing storage capacities to balance energy systems in Lithuania.
-Upgrading heavy-duty transport charging infrastructure in Poland.
-Implementing contract-for-difference support schemes for electricity production from renewable sources in Romania.
-Producing renewable hydrogen and highly efficient co-generation in Slovakia.

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