The EU Commission has proposed a new €30 billion (£26.8bn) loan for investments which will help fossil-fuel dependent regions to green their economies.
All European countries will be able to access the funding as long as they push forward investments in energy and transport infrastructure, district heating networks and energy efficiency measures.
Funds will also be mobilised to projects, which would aim to reduce the socio-economic costs of the transition towards a climate-neutral Europe by 2050.
Executive Vice-President for an Economy that Works for People, Valdis Dombrovskis, said: “This loan facility will focus on boosting public investments that can contribute to the green transition in parts of Europe that are more carbon-intensive and grappling with greater socio-economic challenges, investments that would otherwise not happen.”
Commissioner for Cohesion and Reforms, Elisa Ferreira, commented: “There is no vaccine against climate change. But we need to make sure the transition towards a climate-neutral economy happens in a fair way.”