The European Union makes 20,000 million available to member states as part of its REPowerEU plan to curb the rise in energy prices
The economy and finance ministers reached an agreement on Tuesday on the REPowerEU program, which aims to reduce energy prices and promote Europe’s green transition. The plan provides Member States with €20,000 million to strengthen investments in renewable technologies. Spain will receive 2,600 million euros, the third country that will receive the most aid from this program.
The REPowerEU plan has been incorporated into the financing of the Recovery and Resilience Plan. In total, Spain has access to almost 95,000 million euros, more than 84,000 million in loans and 7,700 million in extra transfers.
EU ministers discussed and amended the original Brussels proposal, which aims to reduce Russia’s energy dependency and boost Europe’s renewable infrastructure. For example, the representatives of the Twenty-seven have decided that 25% of the funding will come from the advance distribution of the EU’s CO2 emissions trading system and that a further 75% will be managed by the Innovation Fund.
Poland and Italy will be the countries that benefit most from this initiative, with EUR 2,760 million in aid in both cases. The breakdown by country takes into account the cohesion, the energy dependence of these Member States and the increase in investment costs. In any case, only countries that request more aid from the Recovery and Resilience Plan will be able to access this funding and it will run until August 31, 2023.
Source: La Verdad
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