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EU lays out 1 trillion-euro plan to support Green Deal

The European Union plans to dedicate a quarter of its budget to tackling climate change

14.1.2020

The European Union plans to dedicate a quarter of its budget to tackling climate change and to help shift 1 trillion euros ($1.1 trillion) in investment towards making the economy more environmentally friendly over the next 10 years.

The European Union plans to dedicate a quarter of its budget to tackling climate change

European Commission President Ursula von der Leyen delivers her speech at the European parliament Tuesday, Jan.14, 2020 in Strasbourg, eastern France. Croatian Prime Minister Andrej Plenkovic will present the priorities of the rotating Council presidency for the next six months. (AP Photo/Jean-Francois Badias)

BRUSSELS -- and to help shift 1 trillion euros ($1.1 trillion) in investment towards making the economy more environmentally friendly over the next 10 years.

Von der Leyen, who took office in December, has made the fight against climate change the priority of her mandate.

The plan would allocate the money according to specific criteria. For example, regions where a large number of people work in coal, peat mining or shale oil and gas would get priority.

“The workers losing their jobs should be helped for re-skilling. There will be support for new infrastructure, job-seeking assistance, investment in new productive activities. And the regions where existing activities will cease will also need to be regenerated," he added.

“It carries a one-trillion euros prize tag," he said. “Where the money should be coming from remains extremely unclear. We are against the recycling of promises and money. We don’t back creative bookkeeping and financial adventures.”

The commission says the plan will also be supported by money from EU regional programs, from the InvestEU program, which mobilizes public and private investment using an EU budget guarantee, and the European Investment Bank.

Projects including nuclear power won't be eligible for funding, except for those related to Euratom's program for nuclear research and training.

Read more: ABC News

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