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European Parliament set to green-light triple-win fund for energy supply, households, and the climate

Date

13 Feb 2023

Sections

Energy

The European Parliament is set to approve tomorrow the ambitious REPowerEU package to rebuild EU energy systems, which have been deeply disrupted by the Russian war of aggression against Ukraine, in the interest of European citizens and the environment.

The adopted fund, part of the so-called Recovery and Resilience Facility (RRF) set up to buffer the economic crisis caused by COVID-19, will support EU member states in two ways. It will help them cope with the short-term effects of the energy crisis, increasing the security of supply and bringing down the skyrocketing bills European consumers face because of the war. Moreover, the fund will do so in line with the EU’s climate goals, and speed up the necessary long-term transition towards zero-emission energy systems.

The S&D Group is proud to have heavily contributed to a bold financial response, which should live up to the social, energy and climate crises simultaneously.

Eider Gardiazabal Rubial, S&D MEP and European Parliament negotiator on the REPowerEU facility in the committee on budgets, said:

“It has become crystal clear that the transition to clean energy is the best way to secure energy supply, fights against climate change, and make Europe quit its addiction to Russian fossil fuel imports.

“Short-term and long-term goals have to come together, not be opposed. The RRF with the REPowerEU chapters is an important instrument for supporting member states to cope with the short-term effects of the energy crisis and safeguarding security of supply, as well as to accelerate the long-term transition towards a decarbonised energy system.

“It’s now in the hands of the member states. They should be quick and tap fully into the firepower of the fund.”

Costas Mavrides, S&D negotiator on the REPowerEU facility in the Parliament's committee on economic and monetary affairs, said:

“One of our Group’s top priorities has consisted of ensuring that projects aimed at tackling energy poverty for households and SMEs benefit from this funding. We have also included a provision requiring mandatory consultations with local authorities, social partners and other civil society stakeholders. Another important issue is that we have managed to add a provision, which allows member states to adjust their plans in relation with the consequences of the war, including inflation.

“With the fund, member states have further EU support to act swiftly to rebuild their energy systems in the interest of households, clean industry, and the environment.”

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