The European Green Deal is set to revamp the way the region’s authorities control state aid, with regulators pledging to allow a more flexible use of public support to help finance the unparalleled bid for climate neutrality. The European Commission on Tuesday unveiled the Sustainable Europe Investment Plan designed to mobilize at least 1 trillion euros ($1.1 trillion) over the next decade to make Europe the world’s first continent to eliminate greenhouse-gas emissions by 2050. The European Union wants to pull together a set of new policy initiatives with existing tools, ensuring a coherent framework that will spur investment from every corner of the bloc. The plan, the financial pillar of the Green Deal, includes a pledge to revise by next year the relevant state aid rules to foster spending on clean technologies and help phase out fossil fuels. The overhaul will affect sectors from aviation to railways, district heating and power production.
Bloomberg 14th Jan 2020 read more »
The EU’s regional policy Commissioner Elisa Ferreira revealed on Tuesday (14 January) details of the €100 billion Just Transition Mechanism, a key financial component of the European Green Deal that should make the bloc climate neutral by 2050. “Nuclear energy is excluded from the Just Transition Mechanism,” Ferreira told a small group of journalists ahead of the college meeting of the European Commission that approved the proposal for the fund aimed at supporting poorer EU regions achieve climate neutrality. EU leaders agreed in December on a bloc-wide objective of reaching climate neutrality by 2050. In order to convince Hungary and the Czech Republic to sign up, they also reaffirmed the right of countries to decide on their own energy mix, including nuclear. Poland refused to sign up, saying it needed more EU funding to help phase out coal. The Just Transition Fund is intended to support regions that will be particularly affected by the changes brought by ‘greening’ the economy. Ferreira confirmed “no country or region” will be excluded but the objective is to concentrate on those areas facing the most dramatic challenges.
Euractiv 14th Jan 2020 read more »
Le Soir 14th Jan 2020 read more »
The European Union is committed to becoming the first climate-neutral bloc in the world by 2050. This requires significant investment from both the EU and the national public sector, as well as the private sector. The European Green Deal’s Investment Plan – the Sustainable Europe Investment Plan – presented today will mobilise public investment and help to unlock private funds through EU financial instruments, notably InvestEU, which would lead to at least €1 trillion of investments. While all Member States, regions and sectors will need to contribute to the transition, the scale of the challenge is not the same. Some regions will be particularly affected and will undergo a profound economic and social transformation. The Just Transition Mechanism will provide tailored financial and practical support to help workers and generate the necessary investments in those areas.
European Commission 14th Jan 2020 read more »
EU unveils plan to dedicate a quarter of its budget fighting climate change with €1 trillion ‘green deal’. Brussels also plans ‘Just Transition Mechanism’ to regenerate coal mining and oil regions after transition.
Independent 14th Jan 2020 read more »