European Commission approves $394m funding for 168 green projects

The European Commission (EC) has granted more than $394m in funding for 168 climate action ‘green deal’ across Europe.

The funding, granted on 23 November, indicates a 27% increase over last year’s budget and will result in a total investment of more than $584m under the bloc’s Life programme.

According to the EC statement, the program can help the EU achieve climate neutrality by 2050. Along with contributing to the clean energy transition, the deal aims to support biodiversity, nature restoration, and a circular economy.

One Spanish project will support hybrid electric tractors in vineyards and orchards and the electrification of supporting machinery. This initiative aims to reduce fuel use by 45% and lubricating oil consumption by 30%.

Frans Timmermans, executive vice president for the European green deal, said: “The climate crisis has severe effects on nature and ecosystems. It is why, at COP27, countries emphasized the importance of protecting and restoring nature. Life projects make it possible to move from ambition to action, boosting decarbonisation and bringing real change to the ground.”

Seven projects will set up 16 new “one-stop shops” to help with energy renovations in homes in five EU nations. Three projects in southern and eastern Europe will help households lower their energy spending through renovation for disadvantaged districts.

Six programs will fund local and regional energy communities to invest in energy transformation. They will also work on energy efficiency and renewable energy generation initiatives throughout Europe, such as communal heating and cooling.

In total, 30 Life projects will receive $118.6m. The EC statement says it will foster the transition to a climate-neutral, energy-efficient, renewable energy-based, and resilient economy.

The statement says around 67 projects will focus on improving the EU’s market and regulatory conditions for the clean energy transition. With over €100 million in funding, the EU contributes about €96 million of their overall budget.

The Life Program is the EU’s environmental and climate action funding tool. It has co-financed over 5,500 projects since 1992.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button