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Home > Funding the energy transformation

Funding the energy transformation

Europe has ambitions to become the first climate–neutral continent. But transforming energy systems, especially in central and eastern Europe, requires substantial investment due to outdated infrastructure and reliance on fossil fuels. 

While the EU budget currently funds this transition, the key challenge is to ensure impactful, high-quality investments that are both environmentally and socially just.

Involving citizens in investment decisions leads to better outcomes, including greater acceptance, a stronger sense of ownership, and fewer harmful projects.

Bankwatch works to align EU financial flows with the European Green Deal objectives, ensuring they meet the needs of people and the planet.

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IN FOCUS


After recovery towards cohesion

The seven-year EU budget and the recovery plan constitute a generational opportunity to accelerate the energy transformation. We aim to funnel the money towards projects that benefit the climate and protect nature while being driven by locals. 

Just transition

Countries across central and eastern Europe are committing to quit coal and shale oil. Now the task is to ensure that the just transition is driven from the bottom up and leaves no one behind as we move towards a sustainable energy future.  

Building back biodiversity

Threats facing biodiversity are increasing alongside the drivers of the climate crisis. But investments in climate protection should not come at the expense of those that can help biodiversity. The two crises of climate and biodiversity are interconnected and both must be tackled together, because only by investing in nature can we tackle climate change. 

RegENERate: Mobilising Regions for Energetic Re-development and Transformative NECPs

The overall objective of the project is to support the CEE countries’ contribution to the EU efforts towards a net-zero emissions future. The project will contribute to more ambitious and effective climate and energy policies in CEE, backed by a long-term commitment to phase out fossil fuels, improve energy efficiency and promote renewable energy.

Open-pit mine, Konin, Poland, picture: Milena Antonowicz

RePower the Regions: Ambitious and inclusive clean energy plans for repowering the just transition regions

The participation and leadership of carbon-intensive regions in transitioning to clean energy solutions are prerequisites for achieving EU climate neutrality by 2050. Building on this premise, RePower the Regions aims to ensure that the regions’ clean energy plans are aligned with EU 2030 climate goals and have strong support locally, and to provide practical guidelines and roadmaps on how to repower the regions.

Latest news

As coal plants shut in Romania, some miners transition to green energy while others are reluctant

Bankwatch in the media | 23 October, 2024

“There is no political vision that can show people the light at the end of the tunnel,” said Eliza Barnea from CEE Bankwatch Network, a climate-focused nonprofit.

Read more

Jobs after Coal: The Just Transition Fund makes its first major move in Poland

Blog entry | 18 October, 2024

Launched in May 2024, the Jobs after Coal programme, a pioneering initiative funded by the Just Transition Fund, is designed to address the socio-economic challenges of transitioning away from coal in Eastern Wielkopolska.

Read more

Western Balkans: Civil society groups call on European Commission to strengthen support for just transition

Press release | 4 October, 2024

A group of civil society organisations, including CEE Bankwatch Network, are calling on the European Commission and other actors to step up support for a just transition in coal-dependent communities in the Western Balkans.

Read more

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Related publications

Letter to the European Commission – EC should maintain a horizontal target for climate and environmental investments in the post-2027 MFF

Letter | 8 July, 2025 | Download PDF

We respectfully call on the Commission to maintain and strengthen a horizontal spending target for climate and the environment in the next EU budget.


EU biodiversity credits – barking up the wrong tree

Briefing | 7 July, 2025 | Download PDF

This briefing provides an overview of biodiversity credits, offsets and nature markets, EU plans and issues with biodiversity credits.


Climbing together: Is the Social Climate Fund working for those who need it most?

Report | 13 June, 2025 | Download PDF

This report evaluates the quality of stakeholder involvement and the design of national social climate plans in Bulgaria, Estonia, Hungary, Italy, Latvia, Poland, Romania, and Slovakia.


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