Region: Approval for Just Transition Fund, SEE Energy News
Just Transition Fund (JTF) European Union’s multi-billion euro fund, aimed to support countries as they wind down fossil fuel industries as part of Europe’s push towards fighting climate change. The 17.5 billion euros JTF combines cash from the EU’s budget and its COVID-19 recovery fund and has been formally approved by he European Parliament.
The fund will support the communities most affected by plans to shut down coal, peat and oil shale sectors, or other emissions-intensive industries, and replace them with low-carbon industries and jobs, a transformation seen as key to meeting the EU’s target to eliminate its net greenhouse gas emissions by 2050.
The JTF needs final approval from the EU’s 27 countries, expected in June, but that is a formal procedure and will not change any details.
The European Parliament previously reached a provisional agreement with EU member states which sees fossil fuels completely removed from the EU’s Just Transition Fund. The funds received cannot be spent on nuclear energy or fossil fuels including natural gas.
To access the money, regions must submit plans detailing how they intend to manage mine closures and retrain workers. These plans must be climate-friendly and funding cannot go towards coal and oil or decommissioning or constructing nuclear power plants. EU countries that have not signed up to climate neutrality by 2050 will only receive half of the funds.
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