Romania is the third-biggest recipient of funds under the European Union’s EUR 17.5 bln Just Transition Fund and will receive EUR 1.95 bln.

This fund will not support investment related to nuclear power stations or fossil fuels, including natural gas.

EU member states gave the final approval on Monday (7 June) to the Just Transition Fund, intended to support currently fossil fuel-dependent regions to green their economies, according to Euobserver.com. The final approval paves the way for EU countries to start receiving the money - which is subjected to EU Commission approval of their transition plans.

Poland, one of the most coal-dependent countries in the EU, is expected to receive the largest slice of the fund (EUR 3.5 bln), followed by Germany (EUR 2.2 bln), Romania (EUR 1.9 bln), and the Czech Republic (EUR 1.4 bln).

In May 2020, the commission proposed increasing the Just Transition Fund from the initial budget of EUR 7.5 bln to EUR 40 bln. But then EU countries reduce it back to EUR 17.5 bln.

andrei@romania-insider.com

(Photo source: Marian Vejcik/Dreamstime.com)