EVs boosted under EU recovery plan
Cleaner transport and logistics, including the installation of one million EV charging points and a boost for zero-emission rail travel are proposed in a European Commission recovery plan.
The “Next Generation EU” 750 billion-euro COVID-19 recovery plan also intends rolling out renewable energy projects such as wind and solar and kick-starting a clean hydrogen economy in Europe.
“Relaunching the economy does not mean going back to the status quo before the crisis,” the report says.
“The coronavirus has shaken Europe and the world to its core, testing healthcare and welfare systems, our societies and economies and our way of living and working together.”
proposes to harness the full potential of the EU budget for 2021-2027 which it says will bring the budget’s total financial firepower to 1.85 trillion euros.
“The recovery plan turns the immense challenge we face into an opportunity, not only by supporting the recovery but also by investing in our future: the European Green Deal and digitalisation will boost jobs and growth, the resilience of our societies and the health of our environment,” European Commission president Ursula von der Leyen says.
Commissioner Johannes Hahn, in charge of the EU budget, says: “Our common budget is at the heart of Europe’s recovery plan. Together, Europe will arise more competitive, resilient and sovereign.”
Green and digital transitions hold the key to Europe’s future prosperity and resilience, the report says.
Money raised for Next Generation EU
will be invested across three pillars:
- Support to member states with investments and reforms.
A new Recovery and Resilience Facility of 560 billion euros will offer financial support for investments and reforms, including in relation to the green and digital transitions and the resilience of national economies.
A proposal to strengthen the Just Transition Fund up to 40 billion euros, to assist member states in accelerating the transition towards climate neutrality.
- Kick-starting the EU economy by incentivising private investments.
A new Solvency Support Instrument will mobilise private resources to urgently support viable European companies in the sectors, regions and countries most affected. It can be operational from 2020 and will have a 31b euro budget, aiming to unlock 300b in solvency support for companies from all economic sectors and prepare them for a cleaner, digital and resilient future.
- Addressing the lessons of the crisis.
A new Health Programme, EU4Health, to strengthen health security and prepare for future health crises with a budget of 9.4b euros.
Join the conversation