The EU Modernisation Fund has been doubled.

Omissions

• The increase is a more-than-doubling of the fund's allowance share (from 2% to 4.5%), so 'doubled' is a rhetorical simplification / slight understatement rather than an exact figure.
• The additional 2.5% of allowances applies to the 2026-2030 period, so the full doubling is not yet fully in effect as of the session date.
• Estimates of the fund's total size vary by source (about EUR 48 billion per some analyses, up to EUR 56 billion per ICAP), because the value depends on future carbon prices.
• The claim frames the increase as pure 'solidarity'; independent watchdogs (e.g. Bankwatch, May 2025) report that a significant share (over 25%) of Modernisation Fund allocations in 2021-2024 went to fossil-gas and other 'dirty energy' infrastructure, context omitted by the speaker.

Sources

• PrimaryModernisation Fund (official) - Joint press release: Modernisation Fund announces €1.8 billion in new clean energy investmentsThis second disbursement in 2025 ... bringing the total disbursed in 2025 to €5.46 billion and the total number of investments across all beneficiary Member States to 79 ... for support as of January 2024, under the revised EU ETS Directive.
• AcademicERCST - 2025 State of the EU ETS ReportIn 2024, €5.6 billion went to the Modernisation Fund, with Slovenia joining 11 MS that have made use of this fund thus far ... Modernisation Fund investments by area, as reported by Member States (2021-2024).
• SecondaryEuropean Economics - Modernisation FundThe Modernisation Fund is financed through revenues generated by 2-2.5% of the total ETS allowances allocated for the period 2021-2030. Depending on market conditions and the carbon allowance price, the fund is expected to provide up to €48 billion by 2030.
• SecondaryBellona - Financing the Fit for 2030 packageThe current directive foresees to auction 2% of the total amount of allowances ... The ETS revision proposes to increase this from 2026 by auctioning an additional 2.5% of the total amount of allowances between 2026 and 2030 and allocate that revenue to member states with a GDP that is 65% below the EU average.
• SecondaryICAP - EU Emissions Trading System (EU ETS) factsheetModernisation Fund: A solidarity programme financed by the EU ETS ... It has an estimated budget of EUR 56 billion (USD 63.3 billion) from 2021 to 2030 (allocated among the beneficiary Member States according to a fixed key).