EU ETS modernization fund shares 2021-2023, by Member State
The total disbursement of the EU's Modernisation Fund from 2021 to 2023 amounted to approximately 9.4 billion euros. Romania and Czechia received the largest funding shares throughout this period, at 38 and 37 percent, respectively. The Modernisation Fund - which came into effect in 2021 - is designed to support decarbonization efforts in lower-income EU Member States. It funds areas like energy efficiency, energy storage, and renewable energy generation. The Modernisation Fund is financed by revenues from the auctioning of emission allowances under the EU Emissions Trading System (EU ETS).