Top Posts
Death toll from Mokwa flood rises to 153
Scientists say nearly 40% of the world’s glaciers...
Nigerian government seeks alignment of NDC climate action...
German court dismisses climate case against RWE
WHO Climate Change action plan approved
Report: World likely to breach 1.5°C limit in...
At Bonn climate talks, Brazil demands early deals...
Researchers warn Africa could face 113 million climate...
LAPO MfB launches tree-planting initiative to fight climate...
Stiell says new NDCs are about growth, antidote...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

EU leaders to back new funding for green industry in Feb -draft

by Segun Ogunlade January 25, 2023
written by Segun Ogunlade January 25, 2023
419

To counterbalance subsidies in the United States and China and make more flexible the use of existing funds and looser state aid rules, the European Union leaders will give clearance in February for work on new EU funding for the green tech industry.

The draft conclusions for the Feb 9-10 EU leaders’ summit, seen by reporters signal that Germany and other northern European countries could drop their objections to the EU jointly raising more money and the conclusions showed leaders will also call for simpler permit procedures for green investments as the 27-nation bloc strives to remain attractive to clean tech companies.

Due to the $369 billion of subsidies offered under the U.S. Inflation Reduction Act, much of which is subject to local content requirements, European makers of wind turbines, solar panels, batteries and hydrogen are now considering whether to invest in the United States instead.

Read also: EU Metals Industry requests assistance for rival US green-energy package

As a result, the EU wants to loosen its state aid rules to allow faster and greater government support to green sectors.

However, since not all 27 EU governments can subsidise to the same extent, the leaders will seek proposals from the European Commission on EU funding. This would likely come from jointly borrowed money that would be passed on to governments as loans, like in the existing employment support scheme SURE.

“Even access to financial means is instrumental to a fully effective EU policy response,” the draft conclusions said.

In the longer term, the leaders will expect the EU executive Commission to come up with a plan for a European Sovereignty Fund to support investment, possibly with the involvement of the private sector and the European Investment Bank.

The leaders will also call for better investment conditions in the bloc, such as fast-tracking permits for new clean-tech projects and more green-focused public procurement rules.

Story was adapted from Reuters.

BackingEUGreen IndustryLeadership
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
EU Metals Industry requests assistance for rival US green-energy package
next post
Report shows fossil fuel lobby waged $4m disinformation campaign during climate summit

Related Posts

Scientists say nearly 40% of the world’s glaciers...

June 3, 2025

German court dismisses climate case against RWE

May 28, 2025

WHO Climate Change action plan approved

May 28, 2025

Report: World likely to breach 1.5°C limit in...

May 28, 2025

At Bonn climate talks, Brazil demands early deals...

May 23, 2025

Guterres raises alarm over rapid Himalayan glacier melt

May 17, 2025

Study shows two-thirds of global warming caused by...

May 8, 2025

Weather expert warns climate change to hit agriculture...

May 5, 2025

Trump dismisses authors of major climate report

April 30, 2025

New UN report shows Indigenous Peoples sidelined in...

April 25, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World