Structure
Member States
Member States use their Modernisation Fund share to support selected investment proposals, comprehensively managing the process from submission and confirmation, through disbursement, monitoring, auditing, and safeguarding financial interests.
European Investment Bank
The European Investment Bank auctions the carbon allowances of the Modernisation Fund, manages the revenues and assesses the investment proposals selected, and submitted by, the Member States. It also provides the secretariat of the MF Investment Committee.
Investment Committee
The Investment Committee meets twice a year to assess non-priority investment proposals and discuss any other business relevant for the operation of the Modernisation Fund.
European Commission
The European Commission adopts disbursement decisions, chairs the Investment Committee and ensures compliance with the EU ETS Directive and the Implementing Regulation on the operation of the Modernisation Fund.