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Ceturtdiena 02.04.2020 | Name days: Imgarde, Irmgarde

European Commission to invest one trillion euros into climate neutrality promotion

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EU, climate neutrality, funding, trillion, Valdis DombrovskisThe European Commission (EC) has presented a massive European green course investment plan worth one trillion euros for the promotion of climate neutrality, as confirmed by EC Latvian branch office’s press-service.

The European Union (EU) is committed to becoming the first climate-neutral part of the world by 2050. This requires considerable investments form the EU, as well as the public and private sectors. The European green course investment plan presented on 14 January – Sustainable Europe Investment Plan – will activate public investments and will grant access to private funds using EU financial mechanisms, specifically InvestEU, which will help attract at least one trillion euros in investments.

According to the EC branch office in Latvia, the proposed plan will activate EU funding and will create beneficial regulations that will relieve and stimulate public and private investments needed to transition to climate-neutral, green, competitive and inclusive economy. The plan adds to other initiatives outlined in the green course and has three dimensions: funding, beneficial environment and practical support.

Funding: attract at least one trillion euros in the next decade in sustainable investments. If the EU spends the biggest portion of its budget on climate policy and environment protection sector, private funding will be attracted, where the European Investment Bank will play a big role, as stressed by the EC branch office.

A more beneficial environment means creating stimuli in order to divert public and private investments. EU will provide investors with tools and help public institutions invest in a sustainable way, encouraging them to plan green budgets and procurements, as well as find ways to ease procedures in which state support for fair transition regions is approved.

Practical support means EC will support public institutions and project organizers in planning and implementation of sustainable projects.

Executive Vice President for an Economy that Works for People Valdis Dombrovskis continues: «For Europe to transition to climate-neutral economy, we need political commitment and enormous investments. Green course demonstrates our commitment towards curbing climate change, which is something we have reinforced with the funding plan. First of all, we will use EU budget to attract private finances for green projects in Europe and support regions and people whose transition process progresses with the most difficulty. Secondly, we will create stimuli needed for green investments. Finally, it is highly important to assist public institutions and market participants to identify projects and move forward. The European Union was not overnight. Similarly, Europe will not become green overnight. In order for longevity to become the leading concept for investments, we have to change our thinking. We have made an important step towards this today.»


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