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Europe Insights - February 2022

EU recovery funds to combat climate change
04 March 2022
    Download the full reportPDF, 2.69MB

    EU recovery funds to combat climate change

    • With a total of nearly EUR724 billion available until 2026 (around six per cent of the European Union’s output), the Resilience and Recovery Facility is Europe’s major fiscal initiative to support their 2050 carbon neutrality objective
    • Although the RRF seems small at an EU level, some countries will benefit more than others, such as Greece and Romania (at 17 and 12 per cent of their own output, respectively), followed by Croatia and Italy both at 11 per cent of GDP 
    • So far, European countries have dedicated around EUR194 billion to fulfil the EU climate objective, which is equivalent to 44 per cent of the total allocation of approved funds, above the 37 per cent target
    • As a percentage of output, however, the effort toward the carbon neutrality objective looks quite ambitious: green investments will amount to four per cent of GDP in Italy, and nearly seven per cent in Greece