European Investment Bank

The European Investment Bank is responsible for:

  • Auctioning the allowances which provide the resources of the Modernisation Fund; these allowances will be auctioned in equal annual volumes from 2021 to 2030, in accordance with the Auctioning Regulation
  • Confirming whether an investment is a priority or a non-priority one
  • Conducting financial and technical due diligence of non-priority investments, including an assessment of the expected emission reductions
  • Managing the assets of the Modernisation Fund
  • Transferring the respective resources to the beneficiary Member States following the disbursement decision of the Commission, and keeping track of the use of Member State resources
  • Providing the secretariat of the Investment Committee

Confirmations of priority investments

In accordance with Article 10d(6) of the ETS Directive, the European Investment Bank is to confirm whether a proposed investment falls into a priority area. The European Investment Bank may confirm the proposal as a priority investment if the conditions specified in Article 6(7) of the Implementing Regulation are met.

Please find the list of investment proposals, submitted by the Member States, and confirmed by the European Investment Bank as priority investments below.

First disbursement cycle:









First disbursement cycle:








Second disbursement cycle:


First disbursement cycle:

Second disbursement cycle

Governance European Investment Bank

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