Through Next Generation EU (NGEU) and a revamped EU budget for the period 2021-2027, every euro of investment will be made available to get Europe back on its feet, while accelerating the twin green and digital transitions and building a fairer and more resilient society. This is a real opportunity to unlock billions of euro to make Europe climate neutral by 2050. Thirty percent of the €1.82 trillion under the 2021-2027 EU budget and NGEU should go to climate-related spending. The EU spending will be in line with the objectives of the Paris Agreement and will follow the 'do no harm' principle.

The European Green Deal is the EU’s growth strategy that aims to transform the EU into a fair and prosperous society, with a modern, resource-efficient and competitive economy where there are no net emissions of greenhouse gases in 2050 and where economic growth is decoupled from resource use. The European Green Deal will be the red thread running through the EU’s recovery initiatives and will contribute to delivering the EU’s open strategic autonomy objectives. It proposes revisions of relevant legislative measures to deliver on the increased climate ambition:

Next Generation EU - the EU's recovery instrument embedded within a revamped long-term EU budget - to ensure that the recovery is sustainable, even, inclusive and fair for all EU Member States.

European Green Deal - setting out the EU green strategy