EU Will Not Support Fossil Fuel and Nuclear Projects for Green Economy Transition
[Asia Economy Reporter Jeon Jin-young] On the 16th (local time), European Union (EU) member states agreed not to support investments in fossil fuel-related projects, including natural gas.
The EU Council announced that EU member states agreed not to use the 17.5 billion euro (approximately 23.4 trillion KRW) 'Just Transition Fund (JTF)', established to facilitate the transition to a green economy, for related projects.
This fund is intended to support regions significantly affected by the transition to a green economy, primarily assisting areas that need to phase out the production and use of fossil fuels such as coal or oil shale, or convert carbon-intensive industries to a green economy. It cannot be used for nuclear power plant construction or decommissioning, nor for tobacco-related projects.
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The European Commission previously announced the 'European Green Deal', setting the goal of making the EU the 'first climate-neutral continent' by 2050. Accordingly, member states agreed to reduce greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels.
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