The European Union is allocating over €1.2 billion in grants to finance 41 cross-border energy infrastructure projects that have gained Projects of Common Interest and Projects of Mutual Interest status in 2024. These investments, made under the Connecting Europe Facility (CEF), aim to support the Energy Union and enhance competitiveness within Europe. The funding surpasses the initial budget, with a significant portion earmarked for electricity grid projects, including offshore grids and smart grids. One notable project receiving funding is the Bornholm Energy Island in the Baltic Sea, facilitating the integration of offshore wind energy between Denmark and Germany. Moreover, the EU is dedicating almost €250 million to support hydrogen infrastructure studies across 16 European countries, including Austria, France, Germany, and Spain. These funds aim to reduce investment risks associated with the nascent hydrogen market and align with the EU's hydrogen policy framework. Additionally, the allocation includes funding for CO2 infrastructure projects, such as the Prinos storage facility in Greece, contributing to carbon capture and storage initiatives in the Mediterranean region. The decision to allocate this funding follows positive votes from Member States and is set to boost the transition towards a more integrated and decarbonized energy system in Europe. The investments not only aim to strengthen energy markets but also to achieve decarbonization targets and enhance competitiveness in the region. The next funding call for energy infrastructure proposals is planned for 2025.