{"id":83593,"date":"2022-12-18T23:05:21","date_gmt":"2022-12-18T21:05:21","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=83593"},"modified":"2022-12-18T23:05:21","modified_gmt":"2022-12-18T21:05:21","slug":"eu-to-set-up-social-climate-fund-at-e65-bn","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/eu-to-set-up-social-climate-fund-at-e65-bn\/","title":{"rendered":"EU to set up Social Climate Fund at \u20ac65 bn\u00a0"},"content":{"rendered":"

A new Social Climate Fund will be set up under an agreement between the European Commission, Parliament and Council at \u20ac65 billion.<\/p>\n

The new Social Climate<\/a> Fund will provide\u00a0dedicated financial support\u00a0to Member States\u00a0to help vulnerable citizens and micro-enterprises\u00a0with investments in energy efficiency measures such as home insulation, heat pumps, solar panels, and electric mobility. It will also be able to provide direct income support covering up to 37.5% of the new national Social Climate Plans.<\/p>\n

It will start operating in 2026, before the entry into force of the new ETS for transport and building fuels, and will be\u00a0financed by \u20ac65 billion from the EU budget, plus 25% co-financing by Member States.<\/p>\n

The provisional agreement also aims to strengthen the EU Emissions Trading System\u00a0(ETS),\u00a0and apply emissions trading to new sectors\u00a0<\/strong>for effective economy-wide climate action.<\/p>\n

This deal is a fundamental step towards reaching the EU’s commitment to reduce net greenhouse gas emissions by at least 55% by 2030. At the same time the Social Climate Fund will help to ensure that the transition is fair.<\/p>\n

Against the backdrop of Russian-Ukrainian crisis, this agreement shows once again the EU’s determination to become climate neutral by 2050, transform its economy and society, leave nobody behind, and ensure its energy security. To complement the substantial spending on climate in the EU budget, Member States will\u00a0spend the entirety of their emissions trading revenues on climate and energy-related projects and to address social aspects of the transition.<\/p>\n

\u00a0Today’s agreement will\u00a0reduce emissions\u00a0from the EU ETS sectors by\u00a062% by 2030, compared to 2005 levels. This represents\u00a0<\/strong>a substantial increase of 19 percentage points\u00a0compared to the 43% reduction under the existing legislation. The\u00a0<\/strong>speed of annual emission reductions will also increase, from 2.2% per year under the current system to 4.3% from 2024 to 2027 and 4.4% from 2028.<\/p>\n

The Market Stability Reserve, which stabilises the carbon market by removing surplus allowances, will be strengthened. The agreement will\u00a0gradually phase out free emission allowances to certain enterprises\u00a0and phase in the\u00a0Carbon Border Adjustment Mechanism<\/a>\u00a0(CBAM) between 2026 and 2034 for the sectors covered. This follows the\u00a0provisional deal<\/a>\u00a0reached on CBAM by European co-legislators on 13 December.<\/p>\n

To support Member States in their efforts\u00a0to reduce emissions from buildings and road transport, and certain industrial sectors a\u00a0new separate emissions trading system\u00a0will start from 2027 for relevant fuel use.<\/p>\n

Today’s compromise also\u00a0increases the size of the Innovation and Modernization Funds. The Modernization Fund will support three additional Member States with their transition. The Innovation Fund will be expanded, and will also be able to support the maritime sector’s decarbonization efforts.<\/p>\n

\n","protected":false},"excerpt":{"rendered":"

A new Social Climate Fund will be set up under an agreement between the European Commission, Parliament and Council at \u20ac65 billion. The new Social Climate Fund will provide\u00a0dedicated financial support\u00a0to Member States\u00a0to help vulnerable citizens and micro-enterprises\u00a0with investments in energy efficiency measures such as home insulation, heat pumps, solar panels, and electric mobility. It […]<\/p>\n","protected":false},"author":410,"featured_media":83594,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[984,6030],"tags":[],"yoast_head":"\nEU to set up Social Climate Fund at \u20ac65 bn\u00a0 - Csr Egypt<\/title>\n<meta name=\"description\" content=\"A new Social Climate Fund will be set up under an agreement between the European Commission, Parliament and Council at \u20ac65 billion.\u00a0\u00a0\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/csregypt.com\/en\/eu-to-set-up-social-climate-fund-at-e65-bn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EU to set up Social Climate Fund at \u20ac65 bn\u00a0 - Csr Egypt\" \/>\n<meta property=\"og:description\" content=\"A new Social Climate Fund will be set up under an agreement between the European Commission, Parliament and Council at \u20ac65 billion.\u00a0\u00a0\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/csregypt.com\/en\/eu-to-set-up-social-climate-fund-at-e65-bn\/\" \/>\n<meta property=\"og:site_name\" content=\"Csr Egypt\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/csregypt\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-18T21:05:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/csregypt.com\/wp-content\/uploads\/2022\/12\/European_Union_Flags_2a.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Marwa Zein\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@egyptcsrforum\" \/>\n<meta name=\"twitter:site\" content=\"@egyptcsrforum\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Marwa Zein\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/csregypt.com\/en\/eu-to-set-up-social-climate-fund-at-e65-bn\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/csregypt.com\/en\/eu-to-set-up-social-climate-fund-at-e65-bn\/\"},\"author\":{\"name\":\"Marwa Zein\",\"@id\":\"https:\/\/csregypt.com\/#\/schema\/person\/5df2c73ec5c5eaada424a85f98cd7bec\"},\"headline\":\"EU to set up Social Climate Fund at \u20ac65 bn\u00a0\",\"datePublished\":\"2022-12-18T21:05:21+00:00\",\"dateModified\":\"2022-12-18T21:05:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/csregypt.com\/en\/eu-to-set-up-social-climate-fund-at-e65-bn\/\"},\"wordCount\":437,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/csregypt.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/csregypt.com\/en\/eu-to-set-up-social-climate-fund-at-e65-bn\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/csregypt.com\/wp-content\/uploads\/2022\/12\/European_Union_Flags_2a.jpg\",\"articleSection\":[\"news\",\"Sustainable Development\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/csregypt.com\/en\/eu-to-set-up-social-climate-fund-at-e65-bn\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/csregypt.com\/en\/eu-to-set-up-social-climate-fund-at-e65-bn\/\",\"url\":\"https:\/\/csregypt.com\/en\/eu-to-set-up-social-climate-fund-at-e65-bn\/\",\"name\":\"EU to set up Social Climate Fund at \u20ac65 bn\u00a0 - 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