The European Commission has approved the modified recovery and resilience plans of three Member States, namely Belgium, Latvia and Cyprus. The modified recovery and resilience plans now include a new REPowerEU chapter, which will contribute to accelerating the countries’ transition towards clean energy, diversifying their energy supplies and improving their energy efficiency.
Belgium’s new plan benefits from €5bn in grants and €264m in loans and covers 40 reforms and 119 investments. The REPowerEU chapter, worth €726m, includes four new reforms, 17 new investments, as well as 7 transferred investments from the original plan. The modified plan has a strong focus on green transition, allocating 51% of the available funds to measures that support climate objectives, above the required target of 37%.
For Latvia, the new plan is now worth €1.97bn in grants and covers 25 reforms and 63 investments. The REPowerEU chapter consists of a new reform and three new investments to deliver on the REPowerEU Plan's objectives to make Europe independent of Russian fossil fuels before 2030. The modified plan has a stronger focus on the green transition, devoting 42% (up from 37.6% in the original plan) of the available funds to measures that support climate objectives.
As for Cyprus, the new plan is now worth €1.22bn (€0.2bn in loans and €1.02bn in grants). The REPowerEU chapter consists of two new reforms, five scaled-up investments drawing on five existing measures, and two new investments to deliver on the objectives to make Europe independent of Russian fossil fuels. The modified plan also has a stronger focus on the green transition, devoting 45% (up from 41% in the original plan) of the available funds to measures that support climate objectives.
The recovery and resilience facility (RRF) is the EU’s programme of financial support in response to the challenges Covid-19 has posed to the European economy. It is the core of NextGenerationEU, a temporary recovery instrument that allows the Commission to raise funds to help repair the economic and social damage caused by the COVID-19 pandemic. To benefit from the facility’s €724bn, Member States submit recovery and resilience plans to the European Commission, setting out the reforms and investments they intend to implement by the end of 2026.
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