EU to Use Energy Crisis Funds for Efficiency Projects

The European Parliament and Belgian European Union Presidency have reached a deal to free up funds for renewable and energy efficiency projects. Photo by: EU

The European Parliament and Belgian European Union Presidency have reached a deal to free up euro146 million (USD203.8 million) worth of uncommitted funds from the European Energy Recovery Fund as financing for renewable and energy efficiency projects.

The agreement establishes a fund that will invest in projects including the clean public transportation, smart energy metering, electricity storage solutions and the renovation of buildings to incorporate energy efficient solutions, EurActiv reports.

The fund will be managed by the European Investment Bank and German government-owned development bank KfW.

The industry committee of the European Parliament earlier voted to use euro115 million or all the uncommitted recovery funds once the exact amount is estimated. The member states and Parliament’s agreement provides for a higher amount but does not include the option to increase funding if more money is made available, EurActiv explains.

The industry committee is set to endorse the agreement Oct. 26. A full plenary vote is scheduled in November.

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  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.