Government adopts Emergency Ordinance for energy investments through the Modernization Fund
The Government adopted the Emergency Ordinance on establishing the institutional and financial framework for the implementation and management of the funds allocated to Romania from the Modernization Fund, as well as for the modification and completion of some normative acts.
“Investments are the key to Romania’s independence and energy security. Which will be done with the money allocated from the Modernization Fund. Today we have adopted this important Emergency Ordinance that will allow the management of these funds. As we announced at the beginning of April, the Investment Committee gave its approval to receive approximately 1.4 billion euros this year, from the Modernization Fund, for important investment projects at CEO, Transelectrica, but also for the modernization of energy distribution networks. And we will launch other calls for investment projects. We can also partner with other public institutions to increase the absorption of these funds and to call for projects. For example, the Ministry of Agriculture through AFIR will carry out calls for projects for renewable energy and biogas,” said Virgil Popescu, Minister of Energy.
The Modernization Fund available to Romania has a value of over 13 billion Euro for the period 2021-2030, an assessment based on estimates of the price of greenhouse gas emission certificates.
The Modernization Fund supports investment in modernizing energy systems and improving energy efficiency, including the financing of small-scale investment projects, in line with the objectives of the Union’s 2030 climate and energy policy framework and the long-term goals set out in the Paris Agreement and contributes to achieving the objectives of the European Environment Pact by supporting a socially just transition to a green economy.