EU Member States have committed to investing €998m in key European energy infrastructure projects under the Connecting Europe Facility (CEF).
The largest portion of the funding will be allocated to the Baltic Synchronisation Project. The European Commission will invest €720m towards bettering the integration of energy infrastructures in Estonia, Latvia, Lithuania, and Poland.
Kadri Simson, Commissioner for Energy, said: “These ten projects will contribute to a more modern, secure and smart energy infrastructure system, which is crucial for delivering the European Green Deal and meeting our ambitious 2030 climate targets.
“Yesterday’s decision marks a decisive step in the Baltic Synchronisation process in particular, a project of European strategic interest. These investments will help sustain the EU’s economic recovery and create jobs.”
Addition funding, worth €102m, will be used to create a smart energy infrastructure linking Hungary and Slovakia. The grant will also improve network management and increase the quality and security of supply for all market participants. It will also support the efficient integration of renewables.
A further €102m will be invested into the Porthos CO2 transport network project. This project between the Netherlands and Belgium will develop an open access CO2 transport network in three of Europe’s main ports (Rotterdam, Antwerp, and North Sea Port) leading to an offshore storage site in the North Sea.
€28m of the €998m energy infrastructure funding scheme will improve security of supply and diversification of gas imports in Southeast Europe under the CESEC High-Level Group. The remaining €14m will support the North Sea Wind Power Hub to support the development of offshore wind in the North Sea.
The allocation of funds is in line with the objectives of the European Green Deal, which aims to focus 84% of funds towards electricity and smart grid projects. The European Green Deal, worth over €100bn, will provide financial support and technical assistance to help those that are most affected by the move towards the green economy.