On 27 May, the EU Commission proposed an updated EU budget for 2021-2027 of 1.100 bn EUR and a dedicated EU recovery budget for 2021-2024 of 750 bn EUR. The Commission’s express intention is to help Europe “recover better”, by boosting the economy and by accelerating climate action.
To check whether these claims live up to reality, we asked Climate & Company to assess the amount and focus of climate-funding in the budget proposals against the investment needed into the transition. Herewith you find our conclusions and recommendations based on their analysis.
The uncomfortable truth is, the proposed budget is far from what is needed to enable accelerated climate action in the 2020-2030 decade. We therefore recommend adding concrete climate safeguards to the future budget.