The European Commission has approved a €2.36 billion (approximately HUF 880bn) Hungarian scheme for accelerated investments in strategic sectors to foster the transition towards a net-zero economy, in line with the Green Deal Industrial Plan. The scheme was approved under the State Aid Temporary Crisis and Transition Framework.
Under this measure, the aid will take the form of (i) direct grants; and/or (ii) tax advantages. The measure will be open to companies producing relevant equipment, namely batteries, solar panels, wind turbines, heat-pumps, electrolysers, equipment for carbon capture usage and storage, as well as key components designed and primarily used as direct input for the production of such equipment or related critical raw materials necessary for their production.
The Commission concluded that the Hungarian scheme is necessary, appropriate and proportionate to accelerate the green transition and facilitate the development of certain economic activities, which are of importance for the implementation of the Green Deal Industrial Plan, in line with Article 107(3)(c) TFEU and the conditions set out in the Temporary Crisis and Transition Framework. On this basis, the Commission approved the aid measure under EU State aid rules.
Executive Vice President Margrethe Vestager, in charge of competition policy, said: “This €2.36 billion Hungarian scheme will support investments towards a net-zero economy. The scheme is open to strategic sectors producing batteries, solar panels, wind turbines, heat-pumps, electrolysers, equipment for carbon capture usage and storage and key components for such equipment. It will support investments and help Hungary to integrate renewable energy in its economy, without unduly disturbing competition.”
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A press release is available online.