14 billion Euros more to help regions reduce CO2

“We need more money to help regions and citizens make the ecological transition. We are moving into a new green era and we don’t want to leave anyone behind", explained Manolis Kefalogiannis MEP, Parliament's negotiator for the creation of the so-called Just Transition Fund, ahead of today's vote.

In the vote, Parliament will ask to increase the budget for the fund from €44 to 58 billion and to extend its scope to sustainable investments. The fund is part of the European Green Deal and aims to help regions relying on fossil fuels and carbon-intensive industries adapt to the green economy.

“Europe must adequately support the regions at risk from climate transition. The Green Deal is an historic moment for Europe, for all of Europe, not only parts of it. No region, no European should feel forgotten", Kefalogiannis, emphasised.

In January 2020, the European Commission proposed creating the Just Transition Fund. In May, in the context of recovery from the Coronavirus pandemic, the European Commission increased the initially proposed budget for the fund from €7.5 to 44.1 billion, with €11.3 billion from the core EU budget and €32.8 billion from the new Next Generation EU Recovery Fund. Parliament is now asking to increase the part from the core budget part to €25.4 billion – thus more than €58 billion in total.