The European Parliament's Committee on Regional Development (REGI) has approved the Just Transition Fund presented by the European Commission. It is a large European fund that will help the regions to solve the socio-economic consequences of the energy transition.
In this sense, the PSIB-PSOE MEP, Alícia Homs, wants to announce this “very good news for the Balearic Islands”: “The European Socialists have managed to get 1% of the 'green rewards' of this fund to go to the islands of the European Union"; therefore, "if our islands continue to move swiftly in the energy transition, they will especially benefit from this tool, with a budget reserved for the ultra-peripheral regions, which will also have 1%".
The ‘green rewards’ have reserved almost 20% of the Fund's total budget - which will have around € 40 billion- and are intended to reward those regions that accelerate the reduction of emissions. The Socialists in the European Parliament have succeeded in introducing this mechanism to the Commission proposal. As a part of these rewards are reserved for the islands, the Balearic Islands will be able to benefit.
The Fund will have to be definitively approved in September. "We await the help of the Balearic MEPs to a particularly significant event for our land," Homs stressed. The MEP also added that they will be vigilant "to ensure that this point is maintained in the final text that will be approved after the summer."
Homs highlighted that these resources “are an incentive for islands such as the Balearic Islands to continue to lead the fight against climate change and the energy transition, following the path begun by the Waste Law and the Climate Change Law approved in the past legislature".
Furthermore, Homs explained that the text approved by the Commission includes the main claims of the European socialists; such as the financing of social infrastructure, social housing, the promotion of energy housing and the creation and development of social services; and also the support and active inclusion of the most vulnerable groups, the fight against energy poverty or the explicit alignment with the goal of climate neutrality in 2050, the greenhouse gas emissions for 2030 and the Paris Agreement.