The European Commission has committed more than EUR396m in funding for 171 climate and environmental sustainability projects across Europe, as reported by ESG Today on November 14. The EUR396m funding is anticipated to mobilize a total investment of over EUR720m, rising 28.5% from the previous year. Specifically, a budget close to EUR211m will be allocated for nature and biodiversity projects, over EUR298m for projects aimed at boosting circular economy and improving quality of life, around EUR110m for climate change mitigation and adaptation projects, and EUR102m for clean energy transition programs.
The investment comes from the LIFE Program, the EU’s funding instrument for the environment and climate action. Since its foundation in 1992, the LIFE Program has co-financed more than 6,000 environmental and climate action projects. The projects funded by the LIFE program aim to support biodiversity and nature restoration, improve the quality of life of Europeans by reducing pollutants and greenhouse gas emissions, bolster circularity in the economy and enhance climate resilience, and facilitate the transition to clean energy across Europe. They will also contribute to the ambitious targets set out in the European Green Deal, including a 55% reduction in the EU’s greenhouse gas emissions by 2030 compared to 1990 levels, raising the share of renewable energy to above 35%, and achieving carbon neutrality by 2050.