European Commission grants $394 million funding for 168 green projects

The European Commission (EC) has awarded more than $394 million for 168 climate action ‘green deals’ across Europe. A total investment of more than $584 million would be made under the bloc’s life programme because of the funding, which was approved on November 23, 2022, representing a 27 per cent increase over the budget from the prior year.  The programme, according to the EC statement, can help the EU in becoming climate neutral by 2050. The agreement intends to foster biodiversity, natural restoration, a circular economy, as well as the transition to renewable energy. One Spanish project will assist the use of hybrid electric tractors in orchards and vineyards as well as the electrification of equipment. This programme seeks to cut the consumption of lubricating oil by 30 per cent and fuel by 45 per cent. 

Seven projects will establish 16 new “one-stop shops” to assist with home energy renovations in five EU countries. Three projects in southern and eastern Europe will assist people reduce their energy spending by renovating disadvantaged neighbourhoods. To support local and regional energy communities’ investments in energy transformation, six programmes will provide funding. Additionally, they will work on power and renewable energy generation projects across Europe, like communal heating and cooling.

In total, $118.6 million will be given to 30 Life projects. According to the EC, it will assist the transition to an energy-efficient, renewable energy-based, resilient, and climate-neutral economy. According to the statement, about 67 projects will concentrate on enhancing the market and regulatory framework for the transition to clean energy in the EU. The EU funds more than €100 million of their total budget, or approximately €96 million. The EU’s funding mechanism for environmental and climate action is called the Life Programme. Since 1992, it has co-financed more than 5,500 projects