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Sunday 05.04.2020 | Name days: Vidaga, Aivija, Vija
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Next EU planning period to focus on climate-friendly economy’s transformation

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Finance Ministry, Europe, multi-year budget, development, prioritiesAs talks among members states on the EU multi-year budget continue, the topic of the size of the funding Latvia may receive after 2020 and under which conditions remains open. But even now it is clear that in relation to EU investments on all levels it will be necessary to change the established paradigm very significantly, according to Latvia’s Finance Minister Jānis Reirs.

The investment capacity of the cohesion policy is vitally important for the EU to be able to react to challenges it now faces. While the name of the 2014-2020 EU fund activity programme was Growth and Employment, with specific goals to reduce the general economic development and quality of life shortcomings from average EU indexes, as well as prevent the socio-economic consequences left from the crisis, the next planning period will focus on transformation of climate-friendly economy and productivity, notes Finance Ministry.

«The need to transfer to environment and climate-friendly economy is undisputable. The sooner the attitude changes in regards to climate change, the more competitive we will become in the future,» says Reirs.

Change of habits – the road to development

«Through the prism if productivity we will have to measure not only the contribution to support businesses but also the investments in all sectors. To accomplish this, we have to think about wider use of financial instruments, ensuring investments into reasonable projects to help save finances and create income,» stresses the minister.

«The next EU funds planning period’s programme will serve as an investment platform for knowledge-based economy’s transformation in favour of green technologies and innovations. Additionally in the next planning period it is planned to divert investments towards the already initiated reforms, as well as the administrative territorial reform, which is a pre-condition for future growth of regions and prevention of outflow of residents,» says Reirs.

How to move forward?

For more than a year the Cross-Sectoral Coordination Centre has worked on NAP2027.

The NAP2027 development process has reached the finishing line. Now Finance Ministry is prepared to officially start working on EU fund planning documents, the ministry notes.

More on this topic: Latvian government supports National Development Plan in spite of objections from ministers

Finance Ministry also notes the government has reviewed and approved the ministry’s proposal for EU funds institutional system after 2020.

Finance Ministry will continue defending Latvia’s interests in the EU Council’s work group that heads Cohesion Policy’s regulations and associated EU multi-year budget until the budget has been approved, promises the minister.


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