Launching the Just Transition Mechanism - for a green transition based on solidarity and fairness
On 14th January 2020, the European Commission presented the European Green Deal’s Just Transition Mechanism and the Sustainable Europe Investment Plan.
The Just Transition Mechanism will, to assure that no one is left behind in the green transition -moving away from fossil fuels like coal, lignite, peat and oil shale - provide tailored financial and practical support to help workers and generate the necessary investments in regions most affected by the transition. It will make investments more attractive, with an overall financial package worth at least €100 billion.
The Investment Plan will mobilise public investment and help unlock private funds through EU financial instruments, notably InvestEU, leading to a total of at least €1 trillion of investments. This is needed if the EU is to become the first climate-neutral bloc in the world by 2050.
Speaking at the launch, the President of the European Commission, Ursula von der Leyen, said:
People are at the core of the European Green Deal, our vision to make Europe climate-neutral by 2050. The transformation ahead of us is unprecedented. And it will only work if it is just - and if it works for all. We will support our people and our regions that need to make bigger efforts in this transformation, to make sure that we leave no one behind. The Green Deal comes with important investment needs, which we will turn into investment opportunities. The plan that we present today, to mobilise at least €1 trillion, will show the direction and unleash a green investment wave.