EU To Allocate $980Mln In Energy Support For Western Balkans - Von Der Leyen

Muhammad Irfan Published November 03, 2022 | 08:53 PM

The European Union will allocate 1 billion euros ($980 million) worth of grants to boost energy diversification in Western Balkans, European Commission President Ursula von der Leyen said on Thursday

MOSCOW (UrduPoint News / Sputnik - 03rd November, 2022) The European Union will allocate 1 billion Euros ($980 million) worth of grants to boost energy diversification in Western Balkans, European Commission President Ursula von der Leyen said on Thursday.

"The EU continues to stand behind the Western Balkans - both in good times and in hardship. During the COVID-19 pandemic, we mobilised an unparalleled 3.3 billion package for the region and today we are putting together a 1 billion energy support package to protect the most vulnerable groups and boost much needed investments in energy diversification," von der Leyen said during the Berlin Process Summit on the Western Balkans, as quoted by the European Commission.

According to the president, the funds will be used to boost the economy of the region and assure the clean energy transition despite impact of current crisis.

Since 2021, energy prices in EU countries have been surging as part of a global trend.

After the beginning of Russia's military operation in Ukraine in February 2022 and the adoption of several packages of sanctions against Moscow by the EU, energy prices have accelerated their growth, placing energy security high on both the global and national agendas and pushing many European governments to resort to contingency measures. The EU has been looking for alternatives to Russian natural gas as it has pledged to end its dependence on fossil fuels, thus boosting green energy transition programs.

The Berlin Process Summit on the Western Balkans is being held in Berlin on Thursday. EU delegates and six Balkan states, including Albania, Bosnia and Herzegovina, Kosovo, Montenegro, Macedonia and Serbia, will discuss cooperation as well as promotion of stability and peace in the region.