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Commission welcomes the adoption of €373 billion Cohesion policy legislative package 2021-2027
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EU Parliament adopts greener funds for regional development and cooperation
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Greetings and welcome to EURACTIV’s Green Brief. Below you’ll find the latest roundup of news covering energy & environment from across Europe. You can subscribe to the weekly newsletter here.
After four year of Trumpism, the United States made its big comeback on the green diplomacy stage last week by organising a virtual climate summit in Washington.
As expected, the summit’s mainstay was the announcement of America’s new 2030 climate target. President Joe Biden proclaimed that the world’s largest economy will cut emissions by 50-52% by 2030 compared with 2005 levels, roughly doubling Barack Obama’s previous pledge to cut emissions by 26-28% by 2025.
A political agreement by the European Parliament and the Council was reached on April 26 on the Commission’s proposal for a new Public Sector Loan Facility (PSLF) to support the green transition in Europe to achieve the Union’s 2030 climate targets and a EU climate neutrality by 2050 at the latest.
With this, all the proposals of the Just Transition Mechanism (JTM) have been agreed, and are pending the final approval by the European Parliament and the Council.
The Facility specifically targets public entities, creating preferential lending conditions for projects that do not generate sufficient revenue to be financially viable. It consists of a combination of grants (€1.5 billion) from the EU budget and loans (€10 billion) provided by the European Investment Bank (EIB). The grant support will be added to the EIB loan and reduce the financial burden for beneficiaries and increase the attractiveness of the investments concerned. Advisory support will be provided to beneficiar