The European Green Deal Investment Plan (EGDIP), is the investment element of the EU’s ambitious plan to transition to a carbon-neutral economy by 2050. Consisting of €1Trillion over the next ten years, this is a significant part of the EU’s multi-annual funding framework (MFF), with the EU Green deal set to make the EU the first climate-neutral continent. Part of the plan includes the Just Transition Mechanism, targeting a fair and just green transition, mobilising €100 billion in investments from 2021 to 2027 to support workers and citizens from regions most impacted by the transition.
Why now ?
The Green Deal is an ambitious set of goals and targets set forth by the Von Der Leyen Commission to respond to global environmental and social changes, while also respecting the EU’s commitments to the UN’s Sustainable Development Goals (SDGs).
The EU green Deal has come to bear as the climate crisis continues to gain prominence and the pressure to act increases. The EU Green Deal is both policy definition and funding focused, etching out a new role within this less secure international landscape, and ambitiously addressing critical environmental issues: climate change, a loss of biodiversity, ozone depletion, water pollution, urban stress, waste production and more.
Internally the Green Deal also comes at a time where the EU parliament has become more diverse and splintered, with populist and far left splinter groups arising. This means that the EU Green Deal had to satisfy both right-leaning voices pushing for investment in industry and commerce, but also liberal voices urging for climate action. Now ratified by the European Parliament the EU Green Deal must live up to both its economic and climate promises.
What does this mean for Innovation and Research ?
In terms of EU funding the EU Green Deal has already completed its first funding round (a hybrid transition marking the end of Horizon2020 and the beginning of Horizon Europe). The subsequent Multi Annual Financial Framework (MFF) will be concluded in March 2021. 30% of the funding amount of €1Trillion is used to target climate-related projects.
Future funding, (to be announced in March) including the Green Deal will focus on research and innovation to drive green and digital transformation. All open call details can be found on the EU Funding & tenders Portal. Future rounds will focus on
- pilot applications, demonstration projects and innovative products
- innovation for better governance of the green and digital transition
- social and value chain innovation.