The Romanian Government approved on Wednesday, May 4, the ordinance that establishes the institutional and financial framework for the disbursement of grants under the Modernization Fund, which has a national budget of approximately EUR 13 bln (by 2030), energy minister Virgil Popescu announced.

The Modernisation Fund is a programme from the European Union to support ten member states to meet 2030 energy targets by helping to modernise energy systems and improve energy efficiency.

For Romania, the projects eligible are those for renewable energy, nuclear energy, electricity transmission networks, networks for the distribution and transport of natural gas, and the financing of gas storage projects, Economica.net reported.

The Modernization Fund is financed, at the level of the European Union, from the sale of 2% of the total greenhouse gas emission certificates. Romania was allocated nearly 12% of the total.

Given the rising price of the CO2 certificates, the budget of the mechanism (hence the money allocated to Romania) may eventually be larger.

(Photo: Gov.ro)

andrei@romania-insider.com