Six Member States looking to expand gas, waste and nuclear energy with billions from EU climate fund
October 6, 2025
Intended to drive the energy transition in the EU’s lower-income Member States, the Modernisation Fund has been doling out billions to fossil gas and other harmful energy infrastructure.
EU climate fund shrinks support for dirty energy
July 4, 2025
In its largest investment round to date, the EU’’s Modernisation Fund extended support to multiple schemes and projects to advance the energy transition, but damaging projects still get a slice.
Keeping the flame alive with emission revenues: How the EU Modernisation Fund props up fossil gas and waste incineration
May 8, 2025
In operation since 2021, the Modernisation Fund was designed to channel EU emission trading revenues into investments in the energy transition in 13 lower-income Member States.
EU’s Modernisation Fund continues to fund fossil fuels and waste incineration projects, undermining climate and environmental goals
December 20, 2024
The European Commission yesterday announced the disbursement of EUR 2.7 billion from the EU Modernisation Fund to support 39 investment projects across eight Member States. However, CEE Bankwatch Network’s analysis shows that a significant portion of this funding is being disbursed to projects that contradict the EU’s climate and energy targets for 2030.
EU climate fund bankrolling dirty energy expansion
June 25, 2024
As global temperatures continue to soar and climate disasters hit the most vulnerable, the EU’s little-known Modernisation Fund is propping up unsustainable energy infrastructure.
The Modernisation Fund in central and eastern Europe
December 13, 2022
This briefing gives insights into the Modernisation Fund, a funding programme to support 10 lower-income EU Member States in their transition to climate neutrality by modernising their energy systems and improving energy efficiency.
It’s time to put an end to EU funding of fossil gas
June 27, 2022
While EU households and industry face months without heating, exorbitant energy bills and insecurity, EU funds are driving an increase in the demand for gas in the region, a Bankwatch analysis of Modernisation Fund spending shows.
The ETS Modernisation Fund: Catalysing a locally-driven energy transition in central and eastern Europe
June 21, 2016
Energy Cities, Counter Balance, CEE Bankwatch Network and Change Partnership see the ongoing revision of the European ETS as a crucial opportunity to support the EU in meeting its 2030 climate targets, deliver on the Paris agreement and accelerate the locally driven energy transition. We welcome the proposal to establish an ETS (Emission Trading System) Modernisation Fund for low-income Member States.
ETS Modernisation Fund – catalysing the clean energy transformation in central and eastern Europe
April 11, 2016
Within the framework of the EU’s 2030 climate and energy policies, the Modernisation Fund aims to support lower-income Member States in meeting their investment needs related to energy efficiency, including financing small-scale investments projects and the modernisation of energy systems. Based on experience with funding mechanisms at the European Investment Bank, the European Commission and the EU budget, this briefing recommends several structural elements for the establishment of the Fund.
