168 “green deals” for climate action have received funding totaling more than $394 million from the European Commission (EC) in Europe. The funding, which was approved on November 23, represents a 27% increase over the budget from the previous year and will lead to a total investment of more than $584 million in the bloc’s Life program. The program, according to the EC statement, can assist the EU in becoming climate neutral by 2050. The agreement aims to support biodiversity, nature restoration, a circular economy, as well as the transition to clean energy.
One Spanish project will help the electrification of auxiliary equipment and hybrid electric tractors in vineyards and orchards. This program aims to cut the consumption of lubricating oil by 30% and fuel by 45%. The European Green Deal’s executive vice president, Frans Timmermans, stated: “The climate crisis has serious effects on nature and ecosystems. This is why nations emphasized the value of preserving and regenerating nature at COP27. Moving from aspiration to action is made possible by life projects, which promotes decarbonization and ushers in substantive change.
16 new “one-stop shops” will be established through seven projects to assist with home energy upgrades in five EU countries. Through renovation for underprivileged areas, three projects in southern and eastern Europe will assist households in reducing their energy spending. Six programs will provide funding to support energy-related investments in local and regional communities. Additionally, they will work on energy-saving and renewable energy generation projects across Europe, like collective heating and cooling.
30 Life projects will receive a total of $118.6 million. According to the EC, it will support the shift to an energy-efficient, renewable energy-based, resilient, and climate-neutral economy. According to the announcement, 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 about €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.