It appears that Brussels is seriously willing to implement a “green recovery” plan. EurActiv – an independent, pan-European media network that specializes in EU policies – has leaked a draft of the European Commission’s reconstruction plan, including guidelines that President Ursula Von der Leyen outlined last week in the European Parliament.
The plan, which will be officially launched at the end of this month, focuses on sustainable development and digitization. It will include €25 billion of aid for renewable energy auctions to be held over the next two year at the member-state level, covering a total of 15 GW of capacity.
“A green recovery package should ensure acceleration of renewable energy projects, especially wind and solar,” the document says, without providing any additional details about how the tendering scheme will be implemented. “Both local projects at distribution level, as (well as) large-scale projects at transmission level, and of cross-border relevance.”
There is a separate chapter for clean hydrogen. There will be €1.3 billion for R&D and another €10 billion in co-financing to minimize the risk of large projects, as well as a “commitment” to reach 1 million tons of the gas. Contracts for differences in relation to CO2 will be enabled for hydrogen produced without fossil fuels.
There will also be a €20 billion purchase plan for electric vehicles over the next two years and an investment fund to accelerate sustainable mobility production, backed by as much as €60 billion. The funds will be invested in recharging stations, with the aim of deploying 2 million of them by 2025.
Finally, the rehabilitation of building stock is also part of the plan. To do this, the European Commission plans to launch a “European Fund for the Financing of Renovation.” It will include an approximate allocation of €91 billion per year, combined with other sources of financing, to reach €350 billion in annual investment. Public buildings, such as hospitals and schools – as well as low-income housing – will be prioritized, while encouraging the granting of “green mortgages.”
