The European Union’s revised 2030 climate targets imply that greenhouse gas emissions will have to decrease more sharply over the coming decade than they did over the past 30 years. That means that Europe’s economic recovery from the COVID-19 pandemic can only be a green one. Now is the time to accelerate renewables investments, energy efficiency renovations and launch the clean industry transition.
The 2021-2027 EU budget and the additional recovery funds provide a record amount of public financial support across all 27 EU Member States within the next few years. But the clean transition investment needs in the power, transport, buildings and industrial sectors are much bigger. For spending programmes to be successful, they need to be combined with efforts to improve the regulatory environment for investors to achieve lasting effects and pull in private funding.
We prepared this explanatory guide on the EU funding landscape, together with Climate & Company, to assist clean transition stakeholders in identifying suitable EU funding opportunities and putting forward investment ideas, but also to inform national green financing and structural reform debates. Combining EU and other funds and the active participation of stakeholders in all Member States could maximize the impact of the EU budget and put the European economy on a credible and inclusive path towards climate neutrality.