Factbox: How ‘Green’ Is the EU’s Recovery Deal?

European Union (EU), Opinions, Policy, UK (United Kingdom)

July 23, 2020

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by Kate Abnett (Reuters/New York Times) European Union leaders clinched a deal on Tuesday for a huge stimulus package which the European Commission has said will make fighting climate change central to Europe’s economic recovery from the coronavirus pandemic.

Climate advocates said the final deal – a 1.074 trillion euro EU budget for 2021-27, plus a 750 billion euro recovery fund – was a mixed bag, with large sums earmarked for green investments, but cuts to key climate programmes and insufficient rules to ensure cash does not support polluting investments.

Here are the climate elements of the deal.

30% CLIMATE SPENDING SHARE

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JUST TRANSITION FUND

The EU’s flagship fund for weaning countries of fossil fuels received 17.5 billion euros – less than half of what was previously proposed. The conditions for accessing it were also watered down.

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GREEN TAXES

New green taxes will help fill EU coffers, with an EU-wide tax on non-recycled plastic waste scheduled for next year.

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SPENDING SAFEGUARDS READ MORE

EU leaders strike a deal on post-corona package and increase climate action spending target (BioMarket Insights)

Cross-party Cooperation on a Green Recovery in the UK, There’s Still Hope for the US to Do the Same or here (Our Daily Planet)

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