The European Commission (EC) has proposed the Next Generation EU financial instrument worth €750 billion, which will enable the mobilisation of private investments in the energy sector, it was said on Friday at a meeting of the Central and South Eastern Europe energy connectivity (CESEC).

The hosts of the 7th CESEC ministerial videoconference were EU Commissioner for Energy Kadri Simson and Croatian Economy and Sustainable Development Minister Tomislav Ćorić, the Ministry of Economy and Sustainable Development said.

Participants in the meeting expressed willingness to strengthen regional cooperation, coordination and solidarity necessary for tackling energy challenges faced in the region, the press release said.

To contribute to economic recovery, the EC has proposed the Next Generation EU financial instrument, worth €750 billion.

It was said that investments in the energy sector under the European Green Deal made in order to achieve climate neutrality by 2050 could significantly contribute to recovery and open possibilities for growth and employment.

Ministers exchanged opinions on the potential of renewable energy sources in the CESEC region based on the presentation of the Director-General of the International Renewable Energy Agency (IRENA).

They also discussed challenges and opportunities connected to the decarbonisation of the gas sector with the participation of the International Energy Agency (IEA) and the Fuel Cells and Hydrogen Joint Undertaking (FCH JU), the press release said.

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