EU Lawmaker Wants More Support for Poor During Green Transition
- Social Climate Fund should start a year earlier than planned
- Fund may climb above 72 billion euros under lawmaker proposal
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The European Union should bolster a new climate fund to shield its poorest citizens from the costs of the green energy transition, according to a report from a key lawmaker seen by Bloomberg News.
The Social Climate Fund should start in 2024 -- a year earlier than the European Commission proposed -- backed by increased auction revenue from the bloc’s new emissions trading system covering transport and heating, according to a draft report by Esther de Lange of the European People’s Party group. That could boost its funds above the 72 billion euros ($82 billion) currently envisaged.