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Green Deal: EC Approves 2.36 Billion Euros for Hungary's Transition To Climate-Neutral Economy

• 31 Jul 2023 11:18 AM
• Hungary Matters

The European Commission on Friday said it has approved a 2.36 billion euro Hungarian scheme for accelerated investments in strategic sectors aimed at advancing the transition to a climate-neutral economy.

The EC said it had approved the programme on the basis of the Temporary Crisis and Transition Framework aimed at supporting measures in sectors key to speeding up the green transition and reducing dependence on fossil fuels.

The Hungarian scheme supports producers of batteries, solar panels, wind turbines, heat pumps, electrolysers, equipment for carbon capture usage and storage and their necessary components and raw materials, the commission said in a statement.

The executive body said it had concluded that the Hungarian programme is in line with the conditions set out in the Temporary Crisis and Transition Framework, as the support will incentivise the production of equipment necessary for the transition to a climate-neutral economy.

It said the scheme was “necessary, appropriate and proportionate”, and would accelerate the green transition and contribute to the development of economic activities that are key to the implementation of the EU’s Green Deal Industrial Plan. The support can be granted until Dec. 31, 2025, the EC said.

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