Commission outlines investment plan to enable green transition

The EU executive unveiled in the European Parliament on Tuesday plans to mobilise a trillion euros of investment to realise its European Green Deal over the next 10 years, but faced questions over how much new money was being put on the table.

Key to the plan is a €100bn 'just transition mechanism' (JTM) aimed largely at helping eastern member states wean themselves off coal. The proposal was greeted with scepticism by lawmakers from Poland's ruling Law and Justice Party, while Greens demanded strict conditions for receipt of funds.

German Green Niklas Nienass said recipient countries must give a “binding commitment” with a clear date for phasing out coal before benefiting from the fund, while his Belgian colleague Petra de Sutter said the money should not go to regions that have been able but unwilling to change.

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