EU
2021-08-30Entrepreneurship Research Center on G20 EconomiesEdit
The European Parliament formally approved the European Union’s multi-billion euro fund on Tuesday (18 May) to support countries as they wind down fossil fuel industries as part of Europe’s push towards fighting climate change. The €17.5 billion Just Transition Fund (JTF) combines cash from the EU’s budget and its COVID-19 recovery fund. It will support the communities most affected by plans to shut down coal, peat and oil shale sectors, or other emissions-intensive industries, and replace them with low-carbon industries and jobs – a transformation seen as key to meeting the EU’s target to eliminate its net greenhouse gas emissions by 2050.