Left Menu
Development News Edition

Poland and Germany to be top beneficiaries of 100 bln euro EU climate fund


Poland and Germany to be top beneficiaries of 100 bln euro EU climate fund
Representative Image Image Credit: Pixabay

Poland and Germany will be the biggest beneficiaries of a new 100-billion-euro ($112 billion) EU fund designed to help coal-dependent regions move towards a greener economy, European Commission data showed on Thursday. All EU countries, except Poland, agreed last month they should transform their economies over the next 30 years to combat climate change and ensure they do not emit more carbon dioxide than they absorb.

Europeans see irreversible climate change as the biggest challenge they are facing, more so than terrorism, access to healthcare or unemployment, a survey by the European Investment Bank suggested on Tuesday. Poland did not sign up for the 2050 neutral-emissions goal, arguing its energy systems and economy were too dependent on coal and lignite to make the transition in that time.

In an attempt to get Warsaw on board, the European Commission - the EU executive - announced the details of the Just Transition Fund earlier this week. The aim is to generate 100 billion euros for investment in regions with the highest CO2 emissions and most jobs linked to fossil fuels.

Poland and Germany will receive about 40% of that total, Commission documents released on Thursday showed. The two countries are the biggest industrial emitters and have the highest number of such jobs. The transition fund's 100 billion euros, over seven years, is to come from leveraging a small amount of public money from the EU budget, 7.5 billion euros, to attract much bigger sums of private investment by covering the riskiest parts of projects.

Poland will be by far the biggest beneficiary of the fund with a maximum allocation of 2 billion euros out of the 7.5 billion, the documents showed. Germany will be second with 877 million. Once boosted by cash from the EU's Regional Development Fund and Social Fund, and money national governments are obliged to contribute under EU rules, the Polish amount will rise to about 7.7 billion euros and the German total to 4.6 billion.

These will then jump to 27.3 billion euros for Poland and 13.4 billion for Germany once private investors join. Germany plans to end its use of lignite, or brown coal, in power plants by 2038. It said on Thursday that it had agreed to about 40 billion euros of compensation for affected regions, workers and companies.

($1 = 0.8963 euros)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Beware! Maximum cyber criminals eye your personal data

A report of the World Economic Forum revealed that cyber security is increasingly becoming an issue of public security as the majority of cyber criminals are increasingly targetting individual internet users. This requires preventive measur...

WEF 2020: Trump seems politically correct in pulling out from Paris Agreement

If the survey of the World Economic Forum WEF is believed, Trump seems to enjoy the confidence of his people in flaying climate intuitions and climate activists. His preference for economic development over environmental protection not only...

From home to healthcare, here are Robotic innovations transforming lives

Lovot is equipped with more than 50 sensors such as thermography, microphone array, obstacle detection, and touch sensor to generate motion and emotions in real-time....

Translating words to deeds: Achieving gender parity in access to financial resources

... ...

Videos

Latest News

U.S. State Department bars NPR reporter from Pompeo's upcoming trip after testy interview

The U.S. State Department removed a National Public Radio reporter from the press pool for Secretary of State Mike Pompeos upcoming trip to Europe and Central Asia, the State Department Correspondents Association said on Monday, days after ...

Britain seeks Huawei 'solution' as U.S. pressure mounts

Prime Minister Boris Johnson will meet senior ministers on Tuesday to decide whether to allow the use of equipment made by Chinas Huawei in Britains future 5G mobile network.Johnson is under pressure from the United States to block Huawei b...

EXPLAINER-As Britain decides, Europe grapples with Huawei conundrum

Britains decision on whether to allow Huawei to supply equipment for 5G mobile networks comes at a delicate time, with debate raging in European capitals over the security implications of reliance on Chinese technology.In Germany, Chancello...

Reports: MLB umps could be mic’d up this season

Major League Baseball umpires might wear microphones this season to announce the results of replay reviews, according to multiple reports. The umpires could also use mics to explain rules on the field in a concept thats being actively discu...

Give Feedback