A quarter of the European Union’s (EU) multiannual budget for the period 2021-2027, estimated at 1.2 trillion euro, will go to projects that will help protect the environment and reduce carbon dioxide emissions, said Siegfried Mureşan, spokesman in the European Parliament for the Green Deal.

“The multiannual budget of the European Union and any funding at European level must start from the traditional assumed budget of the European Union, which is legislated in the traditional ways, including with the European Parliament. For the budget of the European Union we have assumed the following objective: during the multiannual budget for the next seven years that we will decide during this year, to enter into force on January 1, 2021 and valid until December 31, 2027, the assumed goal is that 25% of this budget go to projects that contribute to the environment protection, reducing the CO2 emissions. We aim to reach 30% by the end of the seven years (emission reductions). We are now below 25%. The European Union budget, which is now being negotiated, is estimated at 1,100 to 1,200 billion euro over the next seven years, which means that 300 billion euro will go to projects with positive consequences for the environment,” he said, according to Agerpres.

The Romanian MEP also stated that, at present, there is pressure from environmentalists to increase the goal of reducing carbon dioxide emissions from 40% to 55%.

“There are voices at European level who say, ‘We have a coronavirus crisis, let’s forget about the Green Deal!'” These voices are a minority … MEPs are still committed to the objectives of the European Green Deal. It is clear that the success or failure of the European Green Deal will be decided by its funding. The goal of the European Union so far is to reduce carbon dioxide emissions by 2030, by 40% compared to 1990. To achieve this goal, we need investments that capitalize around 250 – 260 billion euro annually in Europe. That means 2.5 to 2.6 trillion euro over the next ten years. There is pressure to increase this goal of reducing carbon dioxide emissions from 40% to 50% towards 55%. Environmentalists want even more … We have called on the European Commission to define a new goal following clear impact studies. This new objective will probably be somewhere between 50 and 55%, and this means an annual investment need between 400 billion and 500 billion euro, investments that will come from the public and private sector,” highlighted Mureşan at the Online Energy Forum, organized by Financial Intelligence.