EU to Invest €600 Million To Support Crossborder European Networks - Global Trade Magazine
  July 8th, 2016 | Written by

EU to Invest €600 Million To Support Crossborder European Networks

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  • Priority for EU energy investments will be given to actions that contribute to sustainable development.
  • EU energy projects will help complete the EU internal energy market.
  • EC vice president Maroš Šefčovič: "Crossborder energy connections are at the heart of the Energy Union.”

The European Commission opened a request for proposals under the Connecting Europe Facility (CEF) to help invest in trans-European energy infrastructure projects.

Up to €600 million will be made available with priority given to projects of common interest and actions that enhance the EU’s security of energy supply, increase competitiveness and contribute to sustainable development and the protection of the environment. Once finalized, the projects will help complete the EU internal energy market.

With a total indicative budget of €800 million for grants foreseen in 2016, this is the second of the two calls scheduled for this year for the Connecting Europe Facility in the field of energy. A decision on the selection of proposals to be funded is expected by March 2017.

“Crossborder energy connections are at the heart of the Energy Union,” said Maroš Šefčovič, vice president of the European Commission for the Energy Union. “They make us stronger together in the EU. With this CEF call we provide new investment opportunities for cleaner and smarter energy infrastructures.”

“The Paris Agreement sent a clear signal that the clean energy transition is here to stay,” said Miguel Arias Cañete, EU Commissioner for Climate Action and Energy. “The commission is committed to support this transition and invest where it is needed. The proposals will become the building blocks of this larger energy transformation, help connect the existing energy infrastructure across Europe, and bring significant benefits to our economy and our climate.”

EU financing for energy infrastructure under the Connecting Europe Facility is €5.35 billion for the period 2014 to 2020.

“The ambition to create an Energy Union is a priority”, said Vice President Jyrki Katainen. “The money we save on oil and gas imports and at the pump creates room for maneuver for intelligent, forward-looking investments in energy efficiency, renewables, innovation and modern energy infrastructure, all key objectives of the Energy Union. It also provides a window of opportunity to reduce and phase out fossil fuel subsidies.”