How will the EU allocate funding for a greener Europe?

EU green funding
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The European Union has announced the European Green Deal’s Investment Plan, highlighting how they aim to spend the funding allocated for a greener Europe.

The European Union is dedicated to becoming the first climate-neutral bloc in the world by 2050. This requires considerable 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,  will utilise public investment and help to unlock private funds through EU financial instruments, notably InvestEU, which would lead to at least €1tr of investments.

While all EU 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 functional support to help workers and generate the necessary investments in those areas.

The President of the European Commission, Ursula von der Leyen, said: “People are at the core of the European Green Deal, our vision to make Europe climate-neutral by 2050.

“The transformation ahead of us is unprecedented. And it will only work if it is just – and if it works for all.

“We will support our people and our regions that need to make bigger efforts in this transformation, to make sure that we leave no one behind.

“The Green Deal comes with important investment needs, which we will turn into investment opportunities.

“The plan that we present today, to mobilise at least €1 tr, will show the direction and unleash a green investment wave.”

Executive Vice-President for the European Green Deal, Frans Timmermans, said: “The necessary transition towards climate-neutrality is going to improve people’s well-being and make Europe more competitive.

“But it will require more efforts from citizens, sectors and regions that rely more on fossil fuels than others. The Just Transition Mechanism will help support those most affected by making investments more attractive and proposing a package of financial and practical support worth at least €100 billion. This is our pledge of solidarity and fairness.”

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