Cash that should be flowing into projects that boost environmental sustainability is instead fuelling outdated carbon-intensive projects like motorways, airports, and fossil-fuel infrastructure, according to a new report on Europe's investment plan released today.
What should have been two significant contributions to Europe's war chest in the fight against climate change will in fact leave the planet short-changed and open the door to even more polluting fossil fuel projects, argue campaigners at Bankwatch, Friends of the Earth Europe and Climate Action Network Europe.
The European Commission must listen to the European Parliament calling for an EU budget that works for people and planet – according to CEE Bankwatch Network, Friends of the Earth Europe and Climate Action Network (CAN) Europe.
EU billions destined to transform the carbon-intensive, inefficient energy systems of central and eastern Europe are being misspent, finds a new report today by CEE Bankwatch Network and Friends of the Earth Europe. Bad spending plans and a lack of climate commitments from nine central and eastern European governments is hampering Europe's transition away from fossil fuels, the groups say.
Today the European Parliament approved the regulation establishing the European Fund for Strategic Investments (EFSI) at the heart of President Juncker's EUR 315 billion investment plan. But critics say that the regulation lacks clear provisions for oversight of the fund and guidance for investments in green, sustainable and resource-efficient projects that are part of the fund's mandate.
Central and Eastern European countries are planning to use unacceptable amounts of their €350 billion allocation from the EU budget on dirty energy projects, polluting forms of transport and incinerators, according to a comprehensive analysis of draft government spending plans published today by CEE Bankwatch Network and Friends of the Earth Europe.
The European Commission last year made ambitious plans to transform the European economy away from fossil fuels and heavy resource use, meaning potential green benefits for the newer, more energy-intensive EU member states.
Following final agreement today by the European Parliament on EU Cohesion Policy spending for the next seven years, CEE Bankwatch Network and Friends of the Earth Europe are calling on eastern European countries to now make the most of the funds available and commit to quality spending.
The groups are urging member states to use the EUR 322 billion European Structural and Investment Funds to make a real difference for people and planet in the forthcoming EU budgetary period.
Ahead of anticipated final agreement in the European Parliament this week (Tuesday November 19) on the forthcoming EU budget (for the period 2014-2020), CEE Bankwatch Network and Friends of the Earth Europe have today published data that shows how eight central and eastern European countries are failing to tap the climate potential of future EU billions.
The green potential of a third of Europe's budget for 2014-2020 has been hollowed-out following a vote in the European Parliament today, according to Bankwatch and Friends of the Earth Europe. The committee for regional development (REGI) has approved proposals to reform EU Structural Funds – money intended to improve the economic well-being of regions – which include a last-minute shift from legally-binding to voluntary environmental spending.
Following today's approval by the European Parliament of Europe's €960 billion budget for 2014-2020, Bankwatch and Friends of the Earth Europe are calling on individual member states to make the most of a disappointing deal by respecting green spending commitments – thereby boosting green jobs and truly sustainable investments.