Member states in the EU have agreed on the Commission’s proposal to invest €998 million (£905m) in key energy infrastructure projects across the region.
Financial aid will be provided for 10 projects in total – two for electricity transmission, one for smart electricity grids, six for transport of CO2 – including five research projects – and one for gas.
The largest amount of funding – €720 million (£653m) – will go towards the Baltic Synchronisation Project to better integrate the electricity markets of Estonia, Latvia, Lithuania and Poland.
Other projects include a smart electricity grid linking Hungary and Slovakia, receiving €102 million (£92m) in funding and the first-ever Connecting Europe Facility (CEF) grant to support a CO2 transport project for Belgian and Dutch ports.
In addition, the North Sea Wind Power Hub, a study to support the development of an important project for the rollout of offshore wind in the North Sea, will receive €14 million (£12.7m).
The allocation of funds is in line with the objectives of the European Green Deal, with 84% of the funding going to electricity or smart grid projects.
Kadri Simson, Commissioner for Energy said: “These 10 projects will contribute to a more modern, secure and smart energy infrastructure system, which is crucial for delivering the European Green Deal and meeting our ambitious 2030 climate targets.
“Yesterday’s decision marks a decisive step in the Baltic Synchronisation process in particular, a project of European strategic interest. These investments will help sustain the EU’s economic recovery and create jobs.”