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MNI BRIEF: Brussels Green Deal Has EUR350Bln Immediate Funding

(MNI) Brussels

Europe's response to the U.S. Inflation Reduction Act can access existing EU funds, the European Commission says.

European Union countries can access EUR250 billion from existing Covid pandemic recovery plans together with EUR100 billion in cohesion funds for a Green Deal Industry Plan, forming a financing bridge towards what may become a European Sovereignty Fund once other money becomes available, European Commission President Ursula von der Leyen said on Wednesday.

The Commission will present its proposal for an ESF before the summer just ahead of the start of EU talks on the next long-term Budget 2028-34, von der Leyen said, as the bloc seeks to respond to USD379 billion U.S. plans to drive green investment under Washington’s Inflation Reduction Act.

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European Union countries can access EUR250 billion from existing Covid pandemic recovery plans together with EUR100 billion in cohesion funds for a Green Deal Industry Plan, forming a financing bridge towards what may become a European Sovereignty Fund once other money becomes available, European Commission President Ursula von der Leyen said on Wednesday.

The Commission will present its proposal for an ESF before the summer just ahead of the start of EU talks on the next long-term Budget 2028-34, von der Leyen said, as the bloc seeks to respond to USD379 billion U.S. plans to drive green investment under Washington’s Inflation Reduction Act.

Keep reading...Show less