The EU recently agreed that EUR 11.5 billion, just over SEK 117 billion, can be applied for through a green fund to facilitate the transition to more sustainable electricity production. European countries that still operate coal-fired power plants to meet electricity demand have the right to apply for funding, writes the solar energy magazine PV Magazine.
The sum is intended to benefit the private sector in regions that are highly likely to suffer consequences, economic as well as social, through a shift to green electricity generation.
Will lead to additional investments
It is hoped that the Green Fund will contribute to member states investing between EUR 25-30 billion in the transition towards green energy.
The EU still needs to get the proposal fully legally binding, which the paper says will happen "within weeks." Those countries with a GDP of less than 75% of the European average per capita will be able to apply for a larger share, almost 25%, of the contribution. Countries with higher GDP have the right to apply for 15%.
