Just Transition Mechanism

The Just Transition Mechanism is a policy framework developed by the European Union (EU) as part of the European Green Deal investment plan to ensure a just transition into a low-carbon economy.

The primary objective of the Just Transition Mechanism is to mitigate the worst socio-economic effects of the transition into a climate neutral economy, which can prove difficult for regions highly dependent on carbon-intensive industries. These areas usually count with lower GDP rates than the European average as well as certain degree of economic stagnation which makes them ever more vulnerable to the worst effects of the energy transition. This is particularly the case for coal mining communities, which lack employment opportunities beyond the sector.

For that purpose, the Just Transition Mechanism will help to mobilise at least €100 billion over the period 2021–2027, to be invested in regions highly dependent on carbon intensive industries – such as coal, lignite, oil shale and peat production facilities – making special emphasis in the promotion of social cohesion policies, employment generation and economic diversification.

This article is issued from Wikipedia. The text is available under Creative Commons Attribution-Share Alike 4.0 unless otherwise noted. Additional terms may apply for the media files.