‘Historic step’ as European Parliament approves green recovery fund
Lawmakers in the European Parliament voted to pass the EU’s €672.5 recovery and resilience facility on Tuesday evening (9 February), unlocking unprecedented funding aimed at helping Europe “build back better” after the COVID-19 crisis.
The fund – approved by 582 votes in favour, 40 against and 69 abstentions – confirms a political agreement reached by EU leaders in December, which reserves 37% of the fund for spending on climate-friendly measures.
With the Parliament’s green light, €265 billion from the total will be made available for the green transition in the form of grants and loans handed out to EU countries. The regulation establishing the new facility will come into force later this month.
