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EU €750 billion Covid recovery fund comes with green conditions
(Climate Change News, 28 May 2020) The European Union’s proposed €750 billion fund to help the bloc recover from the coronavirus crisis will have green strings attached, with 25% of all funding set aside for climate action, the European Commission has said.
It’s now official: the EU’s updated seven-year €1 trillion budget proposal and a €750 billion recovery plan will both be geared towards the green and digital transitions.
Commission President Ursula von der Leyen made the announcement on Wednesday (27 May) in a speech before the European Parliament.
“The recovery plan turns the immense challenge we face into an opportunity, not only by supporting the recovery but also by investing in our future: the European Green Deal and digitalisation,” von der Leyen said.
Earlier plans to reserve 25% of EU spending for climate-friendly expenditure “will apply throughout” the EU’s updated budget proposal and recovery programme from the Covid-19 crisis, EU officials explained.
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