Published on September 29th, 2017 | by Joshua S Hill0
European Union Approves €222 Million Investment In Clean Energy Transition
September 29th, 2017 by Joshua S Hill
The European Commission has this week approved a €222 million investment package from the European Union budget to support the region’s clean energy transition, which will aim to deliver a total of €379 million in funding for 139 new projects across 20 Member States.
Announced on Thursday, the European Commission — the European Union’s legislative body — approved an investment package worth €222 million intended solely to help boost the EU’s transition to a more sustainable and low-carbon future under the LIFE program for the Environment and Climate Action. The funding will aim to mobilize additional investments, bringing the total up to €379 million, and will be directed towards 139 new projects across 20 EU Member States.
“In its 25th year, the LIFE programme continues to invest in innovative projects with high added value for people, businesses and nature,” said Karmenu Vella, Commissioner for the Environment, Maritime Affairs and Fisheries. “I am delighted to see that the programme transforms close-to-market technologies into new, green business.”
Looking more specifically at the intended investments, €181.9 million will go to projects in the field of environment and resource efficiency, nature and biodiversity, and environmental governance and information. Projects included under this field include an Italian prototype plan to convert petrol cars into hybrid vehicles, the creation of bio-based products from wastewater, and other projects will aim to support the implementation of the Action Plan for Nature.
A further €40.2 million will go to support climate change adaptation, mitigation, and governance and information projects. These projects will aim to support the European Union’s target to reduce greenhouse gas emissions by at least 40% by 2030 on 1990 levels.
“The historic Paris Agreement on climate change has added wind to the sails of already accelerating climate-smart investments,” added Miguel Arias Cañete, Commissioner for Climate Action and Energy. “With these projects, we use limited public finance in a catalytic way: we unlock private finance to protect the environment, fight climate change and provide cleaner energy to our citizens. These kinds of investments are of critical importance if we are to move from aspirations to action.”
A full list of the projects being supposed by the European Commission can be found here.