European Parliament dedicates €500 million more to climate action in 2020 budget

European Parliament dedicates €500 million more to climate action in 2020 budget
The 2020 budget was signed into law at the plenary session in Strasbourg on Wednesday. Credit: TeaMeister/Flickr.

The European Parliament approved on Wednesday a budget deal for 2020 that promises to spend €500 million more on climate action, as well as invest in Erasmus and youth unemployment.

MEPs approved the budget on Wednesday by 534 votes to 136, with 23 abstentions, after which it was signed into law by Italian politician and President of the European Parliament, David Sassoli, in Strasbourg.

This agreement is the final annual spending plan for the EU’s current financial framework, which started in 2014 and will run until the end of 2020, Euractiv explains.

MEPs have obtained €850 million in total for their 2020 priorities.

Over €500 million more is dedicated to climate action expenditure in the new plan.

In addition, €50 million has been allocated to the Erasmus+ program, as well as €28.3 million towards the Youth Employment Initiative which aims to provide financial support to young people living in regions with high levels of youth unemployment.

“We must have the courage to continue in this direction in the future. We must now opt for a long-term budget for 2021-2027 that … focuses on innovation, competitiveness, climate, infrastructure, security and migration management – which are the areas where Europe can absolutely offer added value compared to actions at the national level,” said Johan Van Overtveldt, Chair of the Committee on Budgets in a press release.

Evie McCullough

The Brussels Times

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