EU To Invest $1.8Bln In Clean Energy Technology - EU Commission

MOSCOW (Pakistan Point News / Sputnik - 12th July, 2022) The European Union has allocated 1.81 billion Euros ($1.8 billion) to fund clean energy technology projects, the European Commission said on Tuesday.

"Today, the EU is investing over ��1.8 billion in 17 large-scale innovative clean-tech projects with a third round of awards under the Innovation Fund," the commission said in a statement.

Grants will be distributed among the selected clean energy technology projects located in Bulgaria, Finland, France, Germany, Iceland, the Netherlands, Norway, Poland and Sweden.

The EU is determined to decrease its dependence on energy imports, especially from Russia. The bloc has sanctions Russian oil imports by sea within one of its six packages of sanctions imposed on Moscow over Ukraine. Some member states have called for sanctioning Russian gas as well in the future seventh package. Hostilities in Ukraine and sanctions have disrupted logistical and financial chains in Europe, causing a spike in fuel prices and prompting the EU to boost its green transition efforts.