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| Sat, 20th Jun 2020 15:17:00 |
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The weekend read: A green road to recovery |
In 2019, the European Commission presented the European Green Deal, under which it aims to become climate-neutral by 2050. In May of this year, the commission also unveiled a new instrument to fund the bloc's recovery from the Covid-19 crisis, in line with the Green Deal principles. This reinforced the drive for renewables investment. pv magazine examines what the latest developments mean for solar.
Europe's Green Deal, first presented on Dec. 11, 2019, remains in its infancy. However, as the bloc now faces two major crises – climate change and Covid-19 – its green package might finally start to reach early adulthood.
A key tool behind the EU Green Deal is the so-called Just Transition Mechanism (JTM), which aims to finance the continent's transition to a climate-neutral economy by 2050. The mechanism will provide "targeted support to help mobilize at least €100 billion over the 2021-27 period in the most affected regions, to alleviate the socioeconomic impact of the transition," says the European Commission (EC).
To access the funds, the bloc's 27 member states need to draw up territorial transition funds that identify regions that would be impacted the most by the green transition effort, while also outlining pathways for the green recovery until 2030. Upon approval by the commission, member states will be able to first draw money from the Just Transition Fund (JTF), which provides about €30-50 billion in grants to support social and economic transformation in Just Transition regions. Secondly, a separate dedicated scheme will crowd-in up to €45 billion in private investment. And thirdly, funds will come from a public-sector loan facility, which will mobilize €25-30 billion in public-sector investment.
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