Some warn that unless clearly allocated, money will inevitably flow to industrial projects that fit with the Commission’s competitiveness agconcludea, leaving unprofitable but no-less-urgent environmental programs unfunded.
“[There’s a] real danger that biodiversity will be sidelined in favour of industrial priorities that may be presented as green investments,” stated Ester Asin, director of the WWF European Policy Office.
The EU is already facing an estimated €37 billion annual biodiversity funding gap, according to the Commission.
In the proposed new budreceive structure, Europe’s existing €5.45 billion environmental funding program, known as LIFE, would merge with other funds dedicated to digitalization and defense into a €409 billion competitiveness cash pot. Money previously earmarked specifically for biodiversity has also now been merged with a catch-all “environment and climate” tarreceive.
The overall amount dedicated to funding green priorities will increase, the Commission argues, becaapply 35 percent of the total budreceive — roughly €700 billion — will be dedicated to reaching the goals of the EU Green Deal.
Around 43 percent of the Competitiveness Fund will go toward climate and environmental objectives, the Commission stated Wednesday, to contribute to this overarching tarreceive.
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