EU Adopts New Investment Guidelines to Perform Green New Deal
Brussels – The European Commission has adopted new green investment guidelines aimed at carrying out the European Green Deal, European Commissioner for Competition, Margrethe Vestager, said on Tuesday.
“The new Guidelines endorsed today will increase everything we do to decarbonize our society”, Vestager said during a press conference.
“Among other things, they will facilitate investments by member states, including in renewables, to accelerate the achievement of our Green Deal in a cost-effective way. This is a major step to ensuring that our state aid rules play their full role in supporting the European Green Deal”, she added.
The commissioner also noted that While supporting the Green Deal provisions, new regulations will also end subsidies for fossil fuels, considered the most polluting by the Commission.
“The guidelines are also closing doors and that means phasing out support for fossil fuels”, Vestager noted.
The Climate, Energy and Environmental State aid guidelines (CEEAG) will be formally adopted in January 2022 and will be applicable from that moment.
In 2019, the Commission adopted the so-called European Green Deal, intended to cut carbon emissions and build a resource-efficient and eco-friendly economy, with a net carbon neutral target set for 2050.