The European Union (EU) announced on the twenty seventh (local time) that it has approved 1 billion euros (about 1.46 trillion won) to support Portugal’s energy transition for a decarbonized economy.
It is a larger amount than the 276 million euros (roughly 400 billion won) invested in France by the European Investment Bank (EIB) and the EU on September 24.
To speed up the transition to a net-zero emissions economy by increasing equipment production, the EU supports the manufacture of key raw materials and components needed to provide such equipment. That is in step with the Temporary Crisis and Transition Framework (TCTF), which focuses on promoting renewable energy expansion, decarbonization of business processes and strategic equipment manufacturing.
Here, the European Central Bank points out that “an extra 477 billion euros (roughly 696 trillion won) is required to realize the decarbonization goal, and focus needs to be placed on decarbonizing the transportation sector and improving the energy efficiency of residential buildings.”
This is an element of the ‘Green Deal’ plan to realize zero net emissions by 2050, and the EU has invested an annual average of 764 billion euros (about 1,114 trillion won) in reducing greenhouse gas emissions over the past 10 years.
Specifically, last yr, ▲Romania ▲Czech Republic ▲Bulgaria ▲Poland ▲Croatia ▲Latvia ▲Lithuania received support, and amongst these, Romania and the Czech Republic were the 2 countries that received greater than 1 billion euros (about 1.46 trillion won).
Margrethe Vestager, EU competition chief, said: “The 1 billion euros value of support to Portugal is aimed toward accelerating the transition to a net-zero emissions economy, which is able to include batteries, solar panels, heat pumps, wind turbines, electrolysers and carbon capture and storage equipment. “It’s included,” he said.
Through this, we plan to speed up the transition to eco-friendly economic activities and decarbonization of industry in Europe.
Reporter Jaeseung Lee energy@aitimes.com
