SeenewsSeenews
Search
Seenews
AlertsSeenewsSeenews
Searchclose
TOPICS
arrow
COUNTRIES
arrow
INDUSTRY
arrow
Economy
arrow
Browse Economy
Mix and match your focus countries with our advanced search
Investments
arrow
Browse Investments
Mix and match your focus countries with our advanced search
Deals
arrow
Browse Deals
Mix and match your focus countries with our advanced search
Tech
arrow
Browse Tech
Mix and match your focus countries with our advanced search
Green
arrow
Browse Green
Mix and match your focus countries with our advanced search
0/5
You have 5 free articles left this month
You have 0/5 free articles
Sign up to get 5 more free articles this month
SIGN UP
arrow
LOGIN
arrow

EU to release funds to Romania for green transition milestones

Jun 25, 2024, 12:10:37 PMArticle by Alexandru Cristea
share
June 25 (SeeNews) - The European Commission said it has issued a preliminary positive assessment to lift the suspension for a payment of 37.2 million euro ($39.79 million) to Romania, following the country's progress in implementing its National Recovery and Resilience Plan (NRRP).

EU to release funds to Romania for green transition milestones
Photographer: Bogdan Hoyaux. Source: EC - Audiovisual Service.

In June 2023, the Commission withheld 53.4 million euro from Romania's second NRRP payment request because the country had not met NRRP milestones related to green hydrogen production and investments in less carbon-intensive heat generation facilities, the EU executive arm said in a press release on Monday. The Commission had advised Romania to take action to meet the milestones within a six-month period in order to gain access to the withheld funds.

Following a reassessment, the Commission concluded that Romania has now satisfactorily met the milestone for investments in less carbon-intensive heat generation facilities. Accordingly, the Commission now proposes to unlock 17.8 million euro in funding corresponding to this milestone.

The EU executive also notified Romania that, while it has made progress, it has still not satisfactorily met the milestone related to green hydrogen production capacities. The country has two months to send further observations to the Commission, following which the release of the withheld amount related to this milestone will be decided on.

Last month, Romania's Rompetrol Rafinare [BSE:RRC] said that it is seeking a partner for the construction of a green hydrogen electrolyser plant powered by renewable non-biological sources near or on the premises of its Petromidia Refinery in the coastal town of Navodari, Constanta county.

Rompetrol's shares traded 0.63% lower at 0.079 lei ($0.017/0.0159 euro) as at 0950 CET on June 25 on the Bucharest bourse.

(1 euro = 4.9771 lei)

Your complete guide to the emerging economies of Southeast Europe. From latest news to bespoke research – the big picture at the tip of your fingers.