The EU has set aside €265 billion for the green transition. Over the next seven years, 37% of the „Next Generation EU“ COVID-19 recovery budget will be explicitly reserved for green investments, including the transition toward a fair, carbon neutral circular economy. Thanks to the negotiations efforts by the European Parliament, 100% of the €700 bn recovery budget have to respect the emission thresholds and the “do no significant harm” principle defined in the EU’s revised green finance taxonomy.
Initially, a mere 25% of this fund was foreseen for green investments, – a proposal contested by Ecopreneur.eu and our partners. The EP’s negotiations and advocacy work championed by the chairman of the Environmental Committee, Pascal Canfin MEP, were supported by the Green Recovery Alliance signed by 200 CEOs, MEPs, ministers, unions, NGOs and Think-Tanks, including Ecopreneur.eu.
Canfin: „This is a victory of which I am proud, because in April, at my initiative, the Alliance for Green Recovery was created to ensure that Europe does not make the same mistakes as following the 2009 crisis with 27 uncoordinated stimulus plans and no climate ambition.“
Once rubber-stamped and put into force, EU member states will submit national recovery and resilience plans with their planned reforms and investments based on the new rules.