Portugal to receive €79.2M from EU energy transition fund

By PA/TPN, in News · 20-01-2020 17:59:00 · 0 Comments

Portugal will raise €79.2 million with the new Fair Transition Fund created by the European Commission, and is half way down the EU table, which is led by Poland, Germany and Romania.

According to official information released by the EU executive, Portugal will be allocated 1.1% of the total amount of this fund intended for the decarbonisation of regions particularly dependent on fossil fuels, which is €7.5 billion.

With an amount of €79.2 million, the equivalent of €7.7 per inhabitant, Portugal ranks 11th among the 27 EU member states that receive the least.

In Portugal, the coal-fired power stations of Sines and Pego - whose closure the government has already announced for 2023 and 2021 respectively - are eligible for these future EU subsidies, as are other industries or companies with large carbon dioxide emissions.

Leading the list of EU countries that will raise more money from Brussels to make this energy transition is Poland with €2bn (26.7% of the total), followed by Germany with €876.6m (11.7%) and Romania with €757.1m (10.1%).

According to the European Commission, this is a "fair, balanced and efficient distribution of the resources of the Fair Transition Fund", as it is these three countries that emit the greatest greenhouse gas due to industrial activity with high levels of carbon dioxide.

In the opposite direction, Luxembourg will receive the least, €3.6 million (0.05% of the total), followed by Malta with €8.2 million (0.1%) and Ireland with €29.9 million (0.4%).

The new fund is part of the Investment Plan for a Sustainable Europe, which is expected to invest €1 trillion over the next decade, with the aim of implementing the European Green Deal and achieving carbon neutrality by 2050.


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