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					</table><p>The European Union&#8217;s (<a href="https://european-union.europa.eu/index_en" target="_blank" rel="noopener">EU</a>) Modernisation Fund disbursed €4.11 billion (~$4.36 billion) this year for 61 projects in eight countries to modernize energy systems, reduce greenhouse gas emissions and improve energy efficiency. These investments support the EU&#8217;s 2030 climate and energy targets and accelerate the green transition.</p>
<p>The Fund disbursed €119.8 million (~$127.16) to Croatia, €1.34 billion (~$1.42 billion) to the Czech Republic, €62.4 million (~$66.23 million) to Estonia, €74.3 million (~$78.87 million) to Hungary, €85 million (~$90.22 million) to Lithuania, and €643.2 million (~$682.72 million) to Poland.</p>
<p>Romania received €1.39 billion and Slovakia €399.5 million (~$424.05 million).</p>
<p>In June, €2.4 billion (~$2.55 billion) was disbursed against 45 investment proposals, and €1.71 billion (~$1.82 billion) recently for 16 additional investment proposals.</p>
<p>The Modernisation Fund, with revenues from the EU&#8217;s Emissions Trading System, aims to support the transition to climate neutrality in ten lower-income EU countries: Bulgaria, Croatia, Czechia, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, and Slovakia.</p>
<p>The 61 investment proposals selected this year focus on electricity generation from renewables, modernizing energy networks, improving energy efficiency in energy, industry, buildings, and transport, and replacing coal generation with low carbon-intensity fuel.</p>
<p>The deadline for beneficiary member states to submit investment proposals for the next disbursement cycle is January 19, 2023, for non-priority proposals, and February 16, 2023, for priority proposals.</p>
<p>The Modernisation Fund supports investments in renewable energy, energy efficiency, energy storage, modernizing energy networks (including district heating, pipelines, and grids), and transition in carbon-dependent regions.</p>
<p>In 2021, the Fund provided €898.43 million (~$953.64 million) to eight beneficiary countries.</p>
<p><strong>Finland to receive €465 million </strong></p>
<p>The EU’s Just Transition Fund will also disburse over €465 million (~$493.57 million) to Finland. This represents about 24% of Finland&#8217;s Cohesion Policy allocation for 2021-2027 and supports its goal of achieving climate neutrality by 2035.</p>
<p>Finland is a major producer and consumer of peat in Europe, with 90% used as an energy source (equivalent to coal in terms of CO2 intensity). The Fund aims to halve peat energy use by 2030 and support the transition to a low-carbon economy through diversification of livelihoods, revitalization of economic structures, and upskilling the workforce in peat extraction.</p>
<p>Recently, the European Commission <a href="https://mercomindia.com/european-commission-approves-germanys-plan-renewables/" target="_blank" rel="noopener">approved</a> an amendment to a German government&#8217;s program called Renewable Energy Act 2023 (EEG 2023), which seeks to extend and modify the country&#8217;s support of renewable energy. The EEG 2023 support program, with an overall budget of €28 billion (~$29.6 billion), aims at achieving a share of 80% of electricity produced from renewable energy sources by 2030 and climate neutrality by 2045.</p>
<p>Earlier, the European Commission had <a href="https://mercomindia.com/eu-member-funding-develop-hydrogen-value-chain/" target="_blank" rel="noopener">approved</a> €5.40 billion (~$5.47 billion) in funding for the &#8216;IPCEI Hy2Tech&#8217; project to support research, innovation, and the first industrial deployment in the hydrogen technology value chain.</p>


EU  Disbursed €4 Billion for Green Energy Transition in Eight Countries


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					</table><p>Europe-based energy company <a href="https://group.vattenfall.com/" target="_blank" rel="noopener">Vattenfall</a> has entered a joint venture agreement with <a href="https://www.metsa.fi/en/" target="_blank" rel="noopener">Metsähallitus</a>, an enterprise managing land, and water areas, to build and operate Finland’s first major offshore wind farm off the country’s west coast.</p>
<p>The wind farm will have a capacity of 1.3 GW and produce 5 TWh of energy. It will be constructed with an estimated investment of €2-€3 billion (~$2.1-$3.1 billion), with operations to start in the early 2030s.</p>
<p>Once operational, the wind farm at Korsnäs will produce sufficient renewable energy every year to meet the power requirements of over 2 million apartment homes or meet the annual consumption of around 250,000 electricity-heated individual households in Finland.</p>
<p>The project will cater to Finland’s goal of becoming a carbon-neutral economy by 2035. “We are very pleased to partner with Vattenfall, which presented strong experience on large-scale offshore wind projects together with sustainable business practices in addition to competitive commercial terms,” said Director General of Metsähallitus Juha S. Niemelä.</p>
<p>Vattenfall CEO Elina Kivioja said, “With this project, Vattenfall is expanding its role in Finland; from one of the largest electricity retailers to a significant renewable energy producer.”</p>
<p>Owned by the Swedish state, Vattenfall operates in Sweden, Denmark, Germany, the Netherlands, and the United Kingdom, and employs around 19,000 people. The company has been supplying electricity to industries and households for over a century and is now working towards producing and providing fossil-free energy to customers.</p>
<p>Earlier this year, Vattenfall <a href="https://mercomindia.com/daily-news-wrap-up-ntpc-commissions-150-mw-solar-project-rajasthan/" target="_blank" rel="noopener">obtained</a> the right to develop the N-72 offshore wind power project off the German North Sea coast after exercising its right of entry. The project is aimed at generating fossil-free power corresponding to the consumption of over 1 million German homes.</p>
<p>In September, at the first Global Clean Energy Action Forum in Pittsburgh, Finland became one of the 16 countries that committed $94 billion to clean energy demonstration projects worldwide.</p>


Energy Firm Vattenfall to Build a 1.3 GW Offshore Wind Farm in Finland


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					</table><p>Taking a step further to maintain sustainability in battery production, Finland-based forest products manufacturer <a href="https://www.storaenso.com/en" target="_blank" rel="noopener">Stora Enso</a> and lithium-ion battery producer <a href="https://northvolt.com/" target="_blank" rel="noopener">Northvolt</a> inked an agreement to develop what is claimed to be the world’s first industrialized battery produced with renewable wood from the Nordic forests of Finland and Sweden.</p>
<p>The batteries will be made using lignin-based hard carbon produced with wood in the Nordic greens. Lignin is a polymer derived from a plant. It is found in the cell walls of dry-land plants. It acts as a natural and strong binder, given that trees are composed of 20-30% lignin.</p>
<p>Stora Enso and Northvolt have signed an agreement to create a sustainable battery with anode produced from renewable raw materials like lignin. Both companies are well-equipped with the components, competence, and expertise required for battery production.</p>
<p>The pulp and paper manufacturer will provide its lignin-based anode material lignode, derived from the sustainably managed Nordic forests. Northvolt will manage the cell design, production process development, and scaling-up of the above technology.</p>
<p>Stora Enso has been in the industrial production of lignode from lignin since 2015. The company’s pilot plant for bio-based carbon materials is located at its Sunila production site in Finland, where lignin is produced.</p>
<p>The annual lignin production capacity is 50,000 tons, making Stora Enso the largest kraft lignin producer in the world. The company is conducting a feasibility study to evaluate the establishment of its first industrial production of lignode at the Sunila site.</p>
<p>According to Northvolt, it has over $55 billion worth of contracts from its vast customer base, which includes BMW, Fluence, Scania, Volkswagen, Volvo Cars, and Polestar. The company aims to establish recycling capabilities to enable 50% of all its raw material requirements to be sourced from recycled batteries by 2030.</p>
<p>Northvolt recently <a href="https://mercomcapital.com/northvolt-raises-support-factory-rollout-europe/" target="_blank" rel="noopener">signed</a> a $1.1 billion convertible note to finance its expansion of battery cell and cathode material production to cater to the rapidly expanding demand for batteries.</p>
<p>According to a recent Fraunhofer Institute for Systems and Innovation Research survey, Europe is expected to <a href="https://mercomindia.com/europes-battery-cell-capacity-increase-1-5-twh-2030/" target="_blank" rel="noopener">achieve</a> a battery cell production capacity of 124 GWh in 2022. The survey forecasts that by 2025, European battery cell production will quadruple to over 500 GWh and reach up to 1.5 TWh by 2030.</p>


Finland-Based Stora Enso and Northvolt to Produce Batteries Using Renewable Wood

<p>The Union Cabinet has approved an agreement between India and Finland on environmental corporation. The memorandum of cooperation will bring in the latest technologies and best practices that will further help in bringing about better environment protection, better conservation, and better management of climate change and wildlife protection and conservation.</p>
<p>The announcement was made in a media statement recently released by the government. The memorandum of cooperation will include partnership between two countries in air and water pollution prevention and purification, waste management, climate change, cooperation in promotion of circular economy, low-carbon solutions, sustainable management of natural resources, conservation of marine and coastal resources and integrated water management of oceanic or sea islands.</p>
<p>The government also gave its ex post facto approval to the memorandum in the field of tourism. The agreement also aims to expand bilateral cooperation in the tourism sector, promote safe and sustainable tourism among others. It should be noted that Romania is a potential tourism market for India, which received approximately 11,844 tourists from the European nation last year.</p>
<p>The agreement is a welcome move, especially in the wake of growing concern about environmental degradation and issues around the same. In the recent past, the country has entered into a series of agreements with other countries to combat climate change and transfer the required know-how.</p>
<p>Mercom recently reported India has <a href="https://mercomindia.com/india-france-mou-expansion-renewable-energy/" target="_blank" rel="noopener">signed an MoU</a> with France to cooperate in the field of renewable energy. Through the signed MoU, the two countries will work to establish a cooperative institutional relationship to promote technical bilateral cooperation on renewable energy issues.</p>
<p>This came on the heels of two other MoUs signed with <a href="https://mercomindia.com/india-bilateral-agreements-growth-renewables/" target="_blank" rel="noopener">Morocco and Guyana</a> in which the participant countries agreed to cooperate for the expansion of renewable energy.</p>
<p>Mercom also <a href="https://mercomindia.com/india-agreements-fiji-greece-renewables/" target="_blank" rel="noopener">reported</a> that after initiating and founding the ISA jointly with France, India entered bilateral agreements with Fiji and Greece to further the development of renewable energy generation and reduce their collective carbon footprint for a sustainable future.</p>
<p>These agreements reflect India’s desire to strengthen its leadership role in climate action and its ability to bring tangible changes via the <a href="http://isolaralliance.org/" target="_blank" rel="noopener">ISA</a>. The ISA became a juridical personality in <a href="https://mercomindia.com/isa-host-agreement-india/" target="_blank" rel="noopener">March 2018</a> following the signing of a Host Country Agreement with the Ministry of External Affairs (MEA).</p>
<p>India <a href="https://mercomindia.com/india-ratifies-paris-climate-change-agreement/" target="_blank" rel="noopener">ratified</a> the Paris Climate Accord in October 2016, setting a goal to generate 40 percent of its electricity from renewable energy sources.</p>
<p>India currently is the <a href="https://mercomindia.com/2017-india-solar-market-leaders/" target="_blank" rel="noopener">third largest</a> solar market in the world and installed close to 10 GW of solar in 2017.</p>


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