EU Council approves public sector loan facility of EUR 1.5 billion for the energy transition – pv magazine International

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Another aspect of the EU’s proposed European Green Deal moved closer to implementation yesterday when the Council of Ministers approved its position on a € 1.5 billion loan facility.

The money would come from the EU budget for 2021-27 and would be added to € 10 billion provided by the European Investment Bank, which will offer a € 25 billion to € 30 billion credit facility to the public sector in the bloc’s 27 member states . That line of credit would be part of the proposed Just Transition Fund of at least € 100 billion that European Commission President Ursula von der Leyen outlined in January when she announced plans for a € 1 trillion Green Deal war chest.

Before the Council asked Germany, the rotating EU Council Presidency until the end of the year, to negotiate with the European Parliament over the 1.5 billion credit facility, in line with its position on the broader fund for a just transition.

The Council, made up of representatives from the respective governments of the EU Member States, also recommended that beneficiaries of the public credit line seek support from other EU programs and services.

The proposal will next be presented to the elected members of the European Parliament.

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