EU countries-final approval to multibillion euro green fund

[Oscar]

EU countries give final approval to multibillion euro green transition fund

[ https://www.theglobeandmail.com/busines ... SsioxvdrHv ]

June 7, 2021

European Union countries on Monday approved the bloc’s flagship fund to wean them off fossil fuels and protect communities most affected, paving the way for members to start receiving the cash.

The 17.5 billion euro ($21.27-billion) Just Transition Fund (JTF) combines money from the EU’s budget and its COVID-19 recovery fund. It is designed to support communities most affected by plans to shut down coal, peat and oil shale sectors or other emissions-intensive industries. It will back projects including managing closures of coal mines and retraining workers.

Replacing carbon-heavy sectors with green industries and jobs is key to putting the EU on track for its target to have zero net greenhouse gas emissions by 2050. . . . . .

JTF money cannot be spent on nuclear power or fossil fuels, including natural gas. . . . . .

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