The European Commission (EC) has approved a €155 million ($162.3m) scheme aimed at supporting green investment in Denmark's fishing and aquaculture processing industry.

The funding, provided under EU state aid rules and set to run until Dec. 31, 2029, will help Danish fish processing companies transition to environmentally friendly energy sources, reducing their CO2 emissions and boosting energy efficiency.

In its evaluation, the EC determined that the scheme is both "necessary and appropriate" to foster environmentally friendly investments in the sector. It emphasized that the aid is "proportionate," being limited to the minimum necessary to achieve its environmental goals.

The EC concluded that the funding would have only a limited impact on competition and trade within the EU, thus ensuring compliance with the EU's internal market rules.