InvestEU: in a hotter climate?
InvestEU acts as a financial guarantee to attract private investments for sustainable infrastructure and research and innovation with high “added value”. But does added value include climate action?
InvestEU is the proposed successor to the ‘Juncker Plan’ or European Fund for Strategic Investment (EFSI). By July 2018 the current Juncker Plan granted direct guarantees to fossil fuel projects worth 2.1 billion euros, out of which 2 billion euros on gas distribution and metering projects, to the detriment of long-term decarbonisation objectives.
The new plans for energy projects in the post-2020 period should aim at further developing renewables. But current proposals would allow funding for fossil fuels and fossil gas in particular, which means that InvestEU could still continue to prop up toxic gas all the way until 2027 with European taxpayers’ money.
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