The European Commission announced today its proposal for a major EU economic recovery plan, with the Green Deal at its core.
According to the Communication on "Europe's moment: Repair and Prepare for the Next Generation", the Commission will focus on unlocking investment in clean technologies and value chains, notably through the additional funding for Horizon Europe.
The €750bn economic recovery package is focused around the European Green Deal, and highlights “the rolling out renewable energy projects, especially wind, solar and kick-starting a clean hydrogen economy in Europe”. Cleaner transport and logistics are also a key element of the proposal.
An amount of € 94.4 billion was allocated for Horizon Europe, which will be reinforced to fund vital research in health, resilience and the green and digital transitions.
The new Strategic Investment Facility will invest in technologies which are key for the clean energy transition, such as renewable and energy storage technologies, clean hydrogen, batteries, carbon capture and storage and sustainable energy infrastructure.
The new Clean Hydrogen Strategy and Alliance will steer and coordinate the rapid upscaling of clean hydrogen production and use in Europe.
The Commission will also make proposals to boost uptake of offshore renewable energy and to better integrate the energy system.
Investing in a large scale renovation wave, in renewable energies and clean hydrogen solutions, clean transport, sustainable food and a smart circular economy has enormous potential to get Europe’s economy growing. Investment in key sectors and technologies, from 5G to artificial intelligence and from clean hydrogen to offshore renewable energy, holds the key to Europe’s future.
More information here.
- Publication date
- 27 May 2020
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