The European Commission said Tuesday that its one trillion euro or one.one trillion USA dollar plan will make the EU's economy more environmentally-friendly and tackle climate issues over the next ten years.
The references to a revision of current state aid rules, included in the proposal for a European Green Deal Investment Plan and the Just Transition Fund, are in line with a position previously adopted by the CoR.
The European Commission has revealed details of the European Green Deal Investment Plan, which will see €1 trillion in climate change mitigation investments. He went on saying: "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 Euro 100 billion".
Meanwhile, EU Commission President Ursula von der Leyen commented: "The transformation ahead of us is unprecedented". However, € 7.5 billion do not make up for the severe cuts to the overall cohesion policy budget discussed by the Council.
A Just Transition Fund with a proposed European Union budget of €7.5bn.
Ferreira admitted the money is not huge but hoped it could help leverage up to €100 billion for the period 2021-2027 in investments through the support of private investors.
The Green New Deal lays out a grand European plan for tackling climate change.
The aim of this funding is to promote and develop new skills among workers and support the growth of businesses.
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What we're doing here is a message to coal miners in Asturias (Spain), western Macedonia and Silesia (Poland); to the peat harvesters in the Irish midlands; to Baltic regions reliant on oil shale; and many more.Talks are only just starting to gain momentum regarding the EU's multiannual financial framework (MFF), and Poland, for example, has yet to support achieving climate neutrality.
"One thing is the needs of a country and another thing is the capacity that the country has, both from the past but also at the moment, to solve its own problem without any specific help", she said. We are against the recycling of promises and money.
The other two biggest beneficiaries of the fund, Germany and Romania, will get 11.7 and 10 percent, respectively. "We don't back creative bookkeeping and financial adventures".
But member states will not be automatically awarded those sums as money will be allocated based on regional transition plans, which will have to spell out exactly how funding will be spent.
The financial challenge for Europe is huge: the Commission estimates that halving Carbon dioxide emissions by 2030 would require 260 billion euros of investment a year in the energy, transport and construction sectors, above what is planned already.
The European Parliament asked for an ambitious measure in terms of climate to reduce, by 2030, internal greenhouse gas emissions to 55% compared to 1990 levels. To access this first pillar, regions need a transition plan.
Projects including nuclear power won't be eligible for funding, except for those related to Euratom's program for nuclear research and training.
At the first European Parliament Strasbourg plenary session of the year, EU climate chief Frans Timmermans introduced the Just Transition Mechanism as a "pledge of solidarity and fairness" to help Europe go green.