€60 Million Coming To Malta As MEP David Casa Pushes His Social Climate Fund Through
Top EU representatives have officially signed off on €60 million to go towards a specifically Maltese allocation from the Social Climate Fund – which was negotiated through the efforts of MEP David Casa.
“It represents a total investment of up to €86.7 billion across the European Union to the benefit of households and small businesses,” said Casa.
European Parliament President Roberta Metsola and Swedish Foreign Minister Jessika Roswall – representing the Presidency of the Council of the European Union – endorsed the final text during a signing ceremony held in Strasbourg.
After almost 18 months of negotiations, the ruling will be published in the Official Journal of the European Union.
Casa stated that the SCF – from which Maltese citizens are set to benefit from a mobilisation of €60 million – will start operating in 2026.
“As the social safety valve of the fit-for-55 package,” said Casa, referencing the EU’s target of reducing net greenhouse gas emissions by a minimum of 55% by 2030, “the Social Climate Fund is the most significant social milestone in the climate transition”.
The transition towards renewable energy – if it is to come quick enough to avoid the worst of the climate catastrophe – could mean that short term costs will increase as energy becomes a scarcer resource.
Financial allocations such as the SCF could help stave off the worst of these economic impacts.
“Investments in energy efficiency will lead to lower emissions, and more savings in the long run for citizens.”
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