The EU recently agreed that 11.5 billion euros, just over 117 billion kronor, 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 needs 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, both economic and social, through a transition to green electricity production.
Will lead to further investments
The hope is that the green fund will contribute to the member states investing between 25-30 billion euros in the transition to green energy.
The EU still needs to make the proposal fully legally binding, which according to the newspaper will happen "within a few weeks". Those countries that have a GDP of less than 75 percent of the European average per capita will be able to apply for a larger share, closer to 25 percent, of the contribution. Countries with higher GDP have the right to apply for 15 percent.
