Greener out of the crises: EU budget and recovery funding for climate ambition
“Now EU leaders must live up to their promises on the European Green Deal: upcoming national and regional EU funds spending plans have to be fully climate-proof, with no fossil fuels, and clear investment plans to achieve climate neutrality included.” Finance and Subsidies Policy Coordinator, Markus Trilling.
It took epic fights and sleepless nights for governments to agree on the EU budget 2021-2027 and an additional recovery fund to help the EU overcome the economic crisis induced by the pandemic. Totalling €1,824 trillion, it comes along with increased climate action spending and environmental safeguards.
Following three years of intense campaigning, CAN Europe helped secure a series of successful outcomes: The EU budget for 2021-2027 now has a climate action spending target of 30% for the entire EU budget and even a 37% climate action spending share for each national recovery plan. Moreover, mandatory 30% of Regional Funds have to deliver on the ‘Green Transition objective’, while support for fossil fuels will come to an end. The Just Transition Fund is now designed to help resource-intensive communities to move towards climate neutrality, and the ‘Do-No-Significant-Harm’ principle is a must for all EU recovery and cohesion funding.