(Montel) European funding intended to help coal-dependent regions transition to a clean energy future looks set to be squandered under current conditions, a report by the climate think tank Ember said on Wednesday.
It comes ahead of an upcoming vote in the European Parliament on the European Commission’s proposed Just Transition Fund. The fund may end up worth up to EUR 40bn and is supposed to help coal-dependent countries align their economies with a long-term goal to become carbon neutral.
According to Ember’s report, prepared together with the Climate Action Network, nearly two thirds of the money would be directed to seven countries with no plans to exit coal before 2030.
“[T]he Just Transition Fund looks set to reward inaction rather than real climate ambition,” said Charles Moore, Ember's European programme lead, in a statement.
The report recommended amending the fund’s rules to condition access on a tough exit date for coal and credible plans to leapfrog other substitute fossil fuels like gas.