Why this is important to Wisconsin businesses: Europe’s Modernization Fund will support the transition of the country’s infrastructure to alternative energy sources, and Wisconsin businesses related to clean energy may find opportunities in that market.
The Czech Republic is considered one of Europe’s emerging markets, and historically, its industries have demonstrated high quality and productivity. However, the energy sector in the Czech Republic depends on a large number of coal-fired power plants that do not measure up to Europe’s plans to go green.
Europe’s Modernization Fund has allocated some funding to the Czech Republic for projects to reduce carbon levels. The Czech Ministry of the Environment said €1.2 billion ($1.3 billion USD) worth of investments will result from the fund’s allocation. The money will be used to build small photovoltaic power plants in municipalities with up to 3,000 inhabitants to create the concept of “energy communities,” according to CEENERGY News.
The European Union describes energy communities as citizen-led efforts to improve energy efficiency and take steps toward switching to renewable power.
As of mid-July 2022, nearly 200 companies in the Czech Republic had received a commitment for funds from the Modernization Fund for projects to reduce the country’s carbon footprint.
The Czech Republic plans to focus on projects such as updating public lighting systems, increasing energy efficiency and transitioning coal-fired heating plants and industrial plants to biomass, natural gas or other clean energy alternatives. Half of the heat production in the Czech Republic currently depends on coal.
Wisconsin companies could help the Czech Republic in its efforts to create a more sustainable energy infrastructure by providing updated power plant equipment, energy storage systems, control technologies or electrolyzers that produce hydrogen.
Interested companies may wish to attend the Czech Republic’s leading energy trade fair, For Energo Smart, expected to be held in November 2023 in Prague.