The funds disbursed under the Recovery and Resilience Mechanism to the countries of the European Union have reached 267 billion euros. This represents just over 41 percent of the total amount earmarked for supporting the economies of the EU countries. This shows a review of the implementation of the Recovery and Resilience Mechanism, the conclusions of which were presented during today’s meeting of the Ministers of Economy and Finance of the EU countries (ECOFIN), it is stated on the page of the European Council.
According to the data presented today at the meeting of the ministers of economy and finance of the EU countries, the funds paid to Bulgaria under the Mechanism for recovery and sustainability are in the amount of 22.2 percent of all the planned funding.
Cyprus (21.5 percent), Germany (20.6 percent), Poland (19 percent), Luxembourg (13.3 percent), Hungary (8.8 percent) and Sweden (not yet received funds).
In early September, a report by the European Court of Auditors (ECA) found that the share of disbursed funding for Bulgaria was 22 percent, compared to an EU average of 37 percent.
Changes to the Recovery and Resilience Plans of Lithuania and Portugal
EU economy and finance ministers today approved targeted changes to the recovery and resilience plans of Lithuania and Portugal.
The targeted amendments introduced by Lithuania refer to investments in green transition and public sector efficiency, while the changes introduced by Portugal are related to investments in environmental and digital transition, as well as economic and social sustainability, writes BTA.
Lithuania’s revised plan continues to have a strong focus on the green transition, allocating 37.4 percent of its budget to climate-related measures. Lithuania’s Recovery and Resilience Plan is worth EUR 3.849 billion, of which EUR 2.297 billion in grants and EUR 1.551 billion in loans.
Portugal’s Recovery and Resilience Plan allocates 40.6 percent of funds to support climate goals, while 21.1 percent of funds will be used to support the country’s digital transition. The funds earmarked for Portugal are €22.215 billion, with €16.325 billion in grants and €5.890 billion in loans.
Financing the fight against climate change
EU economy and finance ministers have approved conclusions on climate finance ahead of the Conference of the Parties to the UN Framework Convention on Climate Change (COP 29) in Baku, Azerbaijan, which will take place from 11 to 22 November this year.
The conclusions highlight that the EU and its member states are committed to the ongoing goal of developed countries to collectively mobilize $100 billion per year in climate finance by 2025. This goal was first met in 2022.
Today’s meeting highlighted the EU’s strong commitment to continue to provide funding to combat climate change, as well as to support the achievement of ambitious new collective environmental targets after 2025.