The European Council has today approved the block’s flagship €17.5 billion (£15bn) fund to help its member states distance from fossil fuels and reduce carbon dioxide emissions.

The package will finance projects aimed at supporting the clean energy transition of communities that rely on carbon-intensive industries.

To be eligible to receive funds, countries must submit detailed plans to the European Commission explaining how they would use the awarded money.

Under the new rules set out by the European Council, investments related to nuclear power stations, fossil fuels and tobacco products will be excluded from the support offered through the scheme.

The so-called Just Transition Fund (JTF) is part of Europe’s goal of a 55% reduction in greenhouse gas emissions by 2030.

Nelson de Souza, Portuguese Minister for Planning said: “The JTF will provide much-needed support to companies and workers at a local level, so that we can combat climate change together as a Union, leaving no one behind.”

Article source: https://www.energylivenews.com/2021/06/07/europe-approves-e17-5bn-green-transition-package/