According to Minister of Finance Gintarė Skaistė, the complement of the “New Generation Lithuania” will serve as a particularly important tool for businesses of the country contributing to the national ambition — strengthening the country’s competitiveness, which we will achieve by investing in the creation of high added-value products and consolidation of energy autonomy.
“The US and China are striving to strengthen their global green innovation and technologies export position; therefore, the European Union must keep up and pursue the leadership of the green transition technologies and resources. We will therefore provide businesses in Lithuania with an opportunity to finance investments in industries with high added-value potential, greening of production processes, development and implementation of new technologies and exports“, stresses the Minister of Finance.
The plan “New Generation Lithuania” is proposed to be complemented considering the proposals of the President of the Republic of Lithuania Gitanas Nausėda, discussions with social and economic partners, the needs of ministries, the macroeconomic situation of the State, consequences caused by the war in Ukraine and new European Commission initiative REPower EU.
The complemented plan “New Generation Lithuania” aims to achieve the ambitious goals with allocated financing of up to EUR 1.9 billion, using the borrowing facility — up to EUR 1.8 billion and initiative REPowerEU — EUR 193.7 million.
Investments in greening industry
The updated plan “New Generation Lithuania” will also include a new financial instrument of up to EUR 1 billion to develop green, innovative, digital technologies and production and export of high added-value products. The model of the financial instrument is currently under preparation, which aims to enable Lithuanian businesses to become a more active participant in the green transformation market and to establish themselves in international supply chains as well as to strengthen their competitive advantage. This would help create both well-paid jobs and ensure long-term sustainable growth of Lithuania’s economy. The financial instrument is designed in such a way that the State would finance the projects together with the private sector, thus ensuring that the funded projects are cost-effective and economically sound.
Additional investments for priority areas
In the face of the current challenges, we are doubling our ambition and by 2030 we aim to produce all the electricity needed by the State from renewable energy sources. Therefore, taking advantage of the possibilities of the complemented plan “New Generation Lithuania” we will accelerate the implementation of the 1-gigawatt project, which will ensure the energy independence of the Lithuanian electricity sector.
Russia’s war against Ukraine has fundamentally disrupted the global energy system. Since local electricity generation in Lithuania ensures only about a third of the country’s electricity demand, Lithuania accelerates investments in electricity production from renewable sources.
A significant part of the loans and grants of “New Generation Lithuania” (almost EUR 700 million) is directed to the energy sector, thus ensuring Lithuania’s energy independence. Renewable energy sources for businesses, energy poverty communities and municipalities and central government buildings.
The complemented plan “New Generation Lithuania” includes other additional investments for renovation of buildings, cyber security and sustainable freight transportation by Nemunas, thus reducing pollution in the transport sector.
