EU agrees historic recovery plan but without significant climate safeguards

William Todts, executive director at T&E, said: “We cannot accept the paradox that something called ‘Next Generation EU’ invests 70% of its funds in an older generation’s economy while asking young Europeans to foot the bill. Our fight must continue. Surely the European Parliament will amend this historic plan and make it fit for the future.”

T&E said climate spending under the plan needs to be raised to at least 50%, backed by a solid methodology, such as the taxonomy. The ‘do no harm’ principle – whereby no spending should be on projects deemed to do environmental damage – cannot be an empty promise: it needs a clear definition of harmful activities.