Report

Glass half full? Mid-term analysis of the Modernisation Fund’s operations

Since becoming operational in 2021, the EU’s Modernisation Fund has disbursed more than EUR 20 billion, making it one of the EU’s largest financing instruments for energy investments in central and eastern Europe. Our analysis finds that between EUR 4.2 and 7.1 billion over the Fund’s first five years of operation went to investments that contradict the EU’s long-term climate, energy, and environmental objectives.

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We expose the risks of international public finance and bring critical updates from the ground. We believe that the billions of public money should work for people and the environment.

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Beyond fossil fuels

Coal is an outdated industry on its last leg. Public finance can move our economies in a new, socially responsible direction.

Rights, democracy, development

Public money must not become an auxiliary for human rights violations or the marginalisation of affected communities.

Finance and biodiversity

A clash is raging between nature and finance. Our work where finance meets the natural world advocates for adequate protection and restoration projects to ensure a green future for all.

Energy transformation

We work to ensure that EU financial flows address the climate crisis and do no harm to people and nature. We do this by involving the public in the design and spending of EU investments.

Cities for people

City residents should have a say in how this money is spent in their cities. Their voices can help make their cities more resilient in the face of climate challenges.