EU to provide €17.5bn in transition finance

Transition funding will be targeted at regions that are still reliant on coal, lignite, peat and oil shale

EU member states have endorsed plans for a €17.5bn ($21.3bn) Just Transition Fund (JTF), which will help member states achieve the goal of reaching net-zero emissions by 2050. The EU’s Covid recovery fund—known as the Next Generation EU instrument—will provide €10bn over three years, while the remaining €7.5bn will come from the EU’s federal budget, known as the Multiannual Financial Framework. The fund is targeted at regions that are still reliant on coal, lignite, peat and oil shale, or have not yet begun to transform their carbon-intensive industries. €7.5bn – Tranche of funding to come from EU’s budget “We cannot implement the European Green Deal without mitigating the consequenc