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EU Long-term budget (2021-27) - Next Generation EU

Source: IEA/IRENA Renewables Policies Database
Last updated: 26 October 2021

The European Commission has developed the Next Generation EU framework to assign its financial support to Member States, with dedicated lines on the EU's long-term inclusivity, even financial attribution and greener transition.

The new recovery instrument of €750 billion aims to boost the EU budget with new financing raised on the financial markets for 2021-2024. The Centrepiece of the Next Generation EU is the Recovery and Resilience Facility (RRF).

 

For the next EU long-term budget, the Commission has proposed that at least 25% of EU expenditure should contribute to climate action during the 2021-27 period. This commitment reiterates in the European Green Deal communication of 11 December 2019, reflecting the long-term ambition of the EU to achieve climate neutrality by 2050.

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