The Council of the European Union has agreed to establish a 17.5 billion euro ($21 billion) fund to support "fair and inclusive" transition toward green energy across the EU
MOSCOW (Pakistan Point News / Sputnik - 07th June, 2021) The Council of the European Union has agreed to establish a 17.5 billion euro ($21 billion) fund to support "fair and inclusive" transition toward green energy across the EU.
"The success of the European Green Deal rests on us mitigating the consequences for those most affected by the decarbonisation of the economy. The Just Transition Fund will provide much needed support to companies and workers at local level, so that we can combat climate change together as a Union, leaving no one behind," Nelson de Souza, Portuguese planning minister, said in a statement.
The fund is one of the measures adopted by the EU as part of its plan to achieve 55% reduction in greenhouse gas emissions by 2030 and climate neutrality by 2050.
Priority will be given to the countries and territories that need help with phasing out the use of coal or oil and transforming heavily polluting industries. The fund will mostly facilitate investments in small- and medium-sized businesses, including start-ups, and the creation of new firms.
Nuclear energy and fossil fuel projects will not be covered by the fund.
