Parliament on Wednesday agreed on a reviewed and updated version of the Connecting Europe Facility program, disbursing new funding for the execution of more energy, digital, and transport projects between 2021 and 2027.
The reviewed version of the Connecting Europe Facility (CEF) program will fund transport, energy, and digital projects with the most potential to add to the connectivity and shared growth of EU nations.
Projects such as Rail Baltica, 5G coverage, charging infrastructures, and alternative fuels are at the forefront. MEPs successfully earmarked 60% of the funds exclusively for projects that directly align with climate objectives. Another 15% of energy pillar funds will go towards renewable energy projects.
The CEF has three focal priorities: transport, energy, and digital. These three key sectors have allocations valued at €23 billion, €5 billion, and €2 billion respectively.
Of the funds dedicated to transport, about €10 billion will be sourced from Cohesion Funds to cater for cross-border projects that will increase transport connectivity of some EU nations. Another €1.4 billion will go towards completing cross-border railway projects, which the Commission will select based on merit.
The CEF, in general, will focus on areas that are equally beneficial to member nations, to ensure equity is maintained in the disbursement of the funds.
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