Commission endorses Finland's €1.95 billion modified recovery and resilience plan, including a REPowerEU chapter
Today, the Commission has given a positive assessment of Finland's modified recovery and resilience plan in order to include a REPowerEU chapter. The plan is now worth €1.95 billion in grants and covers 19 reforms and 40 investments.
Finland's REPowerEU chapter consists of three new investments and one new reform to deliver on the REPowerEU Plan's objective of making Europe independent from Russian fossil fuels well before 2030. These measures focus on accelerating the deployment of renewable energy, renewable hydrogen, decarbonising industry and investing in the net-zero industry value chain.
The revision of the Finnish plan is due to the insertion of the REPowerEU chapter in line with the RRF Regulation.
To finance its increased ambition, Finland has requested to transfer part of its share of the Brexit Adjustment Reserve (BAR) to its plan, in line with the REPowerEU Regulation, amounting to €14.2 million. These funds, added to Finland's RRF and REPowerEU grants allocations (amounting to €1.82 billion and €113 million, respectively), make the approved overall modified plan worth €1.95 billion.
An additional boost to Finland's green transition
The modified plan has an even stronger focus on the green transition, allocating 52.3% of the available funds to measures that support climate objectives, up from 50.3% in the original plan.
The REPowerEU Chapter further strengthens the green dimension of the Finnish plan. The reform included in the chapter aims at establishing a single review procedure and a new single national authority for processing environmental permit applications. The three new investments focus on new clean technologies for energy production and use, as well as research and development activities to promote renewable energy solutions. The preparatory phase of an offshore wind power project in the Åland autonomous region will also be supported. These measures are expected to contribute to achieving the Union's 2030 climate targets, Finland's goal of achieving carbon neutrality by 2035, as well as the goal of increasing the share of renewable energy sources in Finland's energy mix.
The Council will now have, as a rule, four weeks to endorse the Commission's assessment. The Council's endorsement will allow Finland to receive €25 million in pre-financing of the REPowerEU funds.
Under the RRF, Finland has so far received €271 million in pre-financing.
The Commission will authorise further disbursements based on the satisfactory fulfilment of the milestones and targets outlined in Finland's revised recovery and resilience plan, reflecting progress on the implementation of the investments and reforms.
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