29 October 2014: European Union (EU) member States have agreed to allocate €647 million to support
 infrastructure projects through the EU Connecting Europe Facility (CEF), which finances projects that ‘fill the missing links in Europe’s energy, transport and digital backbone.’ The infrastructure projects are expected to increase Europe’s energy security, and
 contribute to completing a European energy market and integrating renewables in the electricity grid.

A portion of the €647 million will be used to support clean transport and renewable energy in the context of Europe’s 2020 Strategy. The bulk of the funding, however, will finance the development of pipelines, terminals and other infrastructure for natural gas in the Baltic
 region and Central Eastern and South Eastern Europe.

One of the goals of the project is to generate benefits that go beyond national borders 
and are not commercially viable or affordable to users in certain member States. CEF grants can finance up to 50% of eligible costs of actions, particularly in the areas of natural gas and electricity, environmental impact assessments and works project.

Later this year, the European Commission (EC) will 
formally adopt the list of proposals to receive financial assistance under CEF Energy. To be eligible for a grant, a proposed action must relate to a project included in 
the list of ‘projects of common interest,’ which consists of 248 energy infrastructure projects that would each: benefit at least two member States; 
enhance security of the energy supply; contribute to market integration; increase competition; and reduce carbon dioxide (CO2) emissions.

64 proposals have been received requesting €1.370 billion in financial support. CEF has a €5.85 billion budget for supporting trans-European energy infrastructure until 2020. [European Commission Press Release] [CEF Website] [IISD RS Story on the 2020 Strategy 1] [IISD RS Story on the 2020 Strategy 2]