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Green Deal: EU Commission, mobilising 1 trillion of investments. “Mechanism for just transition” presented

(Strasbourg) Carbon neutrality by 2050: this is the core aim of the so-called Green Deal, the EU strategy announced by Ursula von der Leyen to combat climate change, protect the environment, relaunch the economy through innovation, and strengthen the European society by fostering inclusiveness. But investment and resources are needed in order to implement this long-term project. In Strasbourg today, the European Commission has presented the first in a series of legislative proposals and policy actions that will give effect to the Green Deal. In the intentions of the College, the European Green Deal Investment Plan, also referred to as “Sustainable Europe Investment Plan”, will “mobilise public investment and help to unlock private funds through EU financial instruments, notably InvestEU, which would lead to at least €1 trillion of investments”. But there is a peculiarity: “While all Member States, regions and sectors will need to contribute to the transition, the scale of the challenge is not the same. Some regions will be particularly affected and will undergo a profound economic and social transformation”. This will apply in particular to those countries that are heavily reliant on coal and fossil fuels, such as Eastern European countries. “The Just Transition Mechanism – a statement reads – will provide tailored financial and practical support to help workers and generate the necessary investments in those areas”.

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