EC Clears EUR 2.36 bln Hungarian Green Investment Scheme

Photo by symbiot / Shutterstock.com

The European Commission on Friday approved a EUR 2.36 billion Hungarian scheme to support investments that advance the transition to a net-zero emissions economy, according to a report by state news wire MTI.

Under the scheme, companies involved in the production of batteries, solar panels, wind turbines, heat-pumps, electrolyzers, and equipment for carbon capture usage and storage will be eligible for direct grants and tax preferences.

The scheme was approved under a temporary state aid framework to support measures accelerating the green transition and reducing fuel dependencies in the context of the war in Ukraine.

The EC concluded that the Hungarian scheme is "necessary, appropriate and proportionate" to accelerate the green transition and facilitate the development of economic activities of importance for the implementation of the Green Deal Industrial Plan.

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.

Support the BBJ