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EC Clears EUR 2.36 bln Hungarian Green Investment Scheme

EU

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.

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