EU Council excludes nuclear, fossil fuels from €40bn Just Transition Fund
The Council of the European Union (council of EU Ministers) has decided to exclude financing for nuclear or fossil projects from the Just Transition Fund. The European Commission plans to create a €40bn Just Transition Fund to assist EU countries in accelerating the transition towards climate neutrality. It will help coal-reliant countries to decarbonise their power sector. The text will be finalised following talks between member states, the European Commission and EU Parliament. According the EU Council, the Just Transition Fund shall not support the decommissioning or the construction of nuclear power plants nor investment related to the production, processing, distribution, storage or combustion of fossil fuels.
In May 2020, the European Commission approved a €750bn Recovery Instrument, Next Generation EU, that will add to the €1,100bn multi-annual (2021-2027) financial framework. It will include a new Recovery and Resilience Facility of €560bn that will offer financial support to the green and digital transitions, and a €40bn Just Transition Fund.
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