COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS Sustainable Europe Investment Plan European Green Deal Investment Plan
1. This document outlines the Commission’s strategy for the Sustainable Europe Investment Plan, the investment pillar of the European Green Deal, announced by the Commission on 14 January 2020. The Green Deal is the EU’s response to climate and environmental challenges and aims to transform the EU into a fair and prosperous society where there are no net emissions of greenhouse gases in 2050.
2. The investment pillar outlined in this document aims to utilise the EU budget and associated instruments to mobilise at least EUR 1 trillion of private and public sustainable investments in the upcoming decade as part of the Green Deal. This document is a comprehensive framework of how this will be achieved, based on 3 “dimensions”: financing (mobilising public and private investment); enabling (providing incentives for investment); and practical support for planning and executing projects, provided to public authorities and project promoters.
3. The strategy includes increases in financing for climate related spending at the next multi annual financial framework (MFF) (with an ambition of at least 25%) as well as proposing individual specific measures on EU programmes, creating an enabling framework for private and public investors, and purposing a “Just Transition Mechanism”, to support areas which are currently reliant on industries which are fossil fuel dependant.