This Regulation lays down detailed rules on the operation of the Modernisation Fund supporting investments to modernise the energy systems and to improve energy efficiency of certain Member States as regards (a) submission of proposals for financing of investments; (b) assessment of priority investments and non-priority investments; (c) management, disbursement and payment of the resources from the Modernisation Fund; (d) composition and operation of the Investment Committee for the Modernisation Fund; (e) monitoring, reporting, evaluation, and auditing; and (f) information and transparency. The implementation of the Modernisation Fund shall contribute to the attainment of the objectives of the European Green Deal, by supporting green and socially just transition.