Climate Energy Finance News in brief Poland

Member States Approve Coal Phase-out Funding

| 2021-06-08 < 1 min read

Member States Approve Coal Phase-out Funding

Reading Time: < 1 minute

EU member states have approved a EUR 17.5 billion fund which aims to help some countries wean themselves from polluting industries like coal mining and others with high emissions, moving them towards green industries in the push to achieve net zero GHG emissions.  The so-called Just Transition Fund (“JTF”) injects money into communities that are dependent upon such industries, helping them to shut down facilities like coal mines and reskilling the workers who work in them by adopting new, green industries.

Because of its massive coal mining industry, Poland looks to be the biggest recipient of the JTF, while Germany and Romania are also set to receive funds. Recipients must make their case to the European Commission as to how the money will be used towards a green transition, and it is prohibited to use the funds towards nuclear or natural gas.

Source: Reuters

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