European Parliament Gives Final Approval To Bloc’s Green Transition Fund
The European Parliament on Tuesday formally approved the European Union’s multi-billion euro fund to support countries as they wind down fossil fuel industries, as the bloc overhauls its economy to fight climate change.
The 17.5 billion euro Just Transition Fund (JTF) combines cash from the EU’s budget and its COVID-19 recovery fund. It will support 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.
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