The EU targets that one-quarter of all EU expenditure will contribute to climate objectives as part of its future EU budget between the period 2021 and 2027, Climate Action and Energy Commissioner Miguel Arias Canete said on Tuesday.
The European Commission (EC) presented its blueprint for European Union spending in the period 2021-2027 at the start of May, Canete noted during a speech at the opening of EU Sustainable Energy Week 2018, which was transcribed in the EC website.
Canete said spending would increase for clean energy transition, while climate action would be mainstreamed across all EU programs.
'It is a budget aimed at achieving a modern, low-carbon economy, which will keep the EU as the global frontrunner in sustainability,' he said.
However, Canete noted the EU budget would represent only a part of the necessary investment for the clean energy transition, maintaining that most of this investment would have to come from other public funds and, in particular, from private capital.
'The latest figures show the financing amount approved under the Infrastructure window of the European Fund for Strategic Investments [EFSI] for energy supporting projects will mobilize an estimated total of €61.5 billion. So far, one-third of total EFSI investment benefits the energy sector. And this, of course, will continue in future,' he concluded.
By Ebru Sengul
Anadolu Agency
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