The Modernisation Fund (MF) is a programme from the European Union to support 10 lower-income EU countries to reach their goals of climate neutrality by helping to modernise energy systems and improve energy efficiency.
The Member States that will benefit are Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania and Slovakia.
The European Investment Bank auctions the European Union Allowances of the Modernisation Fund, assesses investments proposed by the beneficiary Member States, manages revenues and transfers resources.