The EU recently agreed that €11.5 billion, just over SEK 117 billion, will be available to apply 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 their electricity needs are eligible to apply for funding, according to solar energy magazine PV Magazine.
The sum is intended to benefit the private sector in regions that are highly likely to suffer economic and social consequences from the transition to green electricity production.
Will lead to further investments
The hope is that the green fund will help member states invest between €25-30 billion in the transition to green energy.
The EU still needs to make the proposal legally binding, which according to the newspaper will happen "within a few weeks." Countries with 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 a higher GDP are entitled to apply for 15 percent.
