Preserving biodiversity
The EU also aims to tackle the loss in biodiversity, including the potential extinction of one million species. The EU Biodiversity Strategy for 2030, unveiled in May 2020 by the Commission, aims to protect nature, reverse the degradation of ecosystems and halt biodiversity loss.
Parliament adopted its position on the EU Biodiversity Strategy for 2030: bringing nature back into our lives in June 2021, insisting that its implementation is consistent with other European Green Deal strategies.
As forests play an essential role in absorbing and offsetting carbon emissions, Parliament has adopted new rules to ensure goods sold on the European market have not contributed to deforestation or forest degradation anywhere in the world. The regulation also ensures these products comply with human rights standards and ensure indigenous people’s rights are respected.
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Financing the green transition
In January 2020, the Commission presented the Sustainable Europe Investment Plan, the strategy to finance the Green Deal by attracting at least €1 trillion worth of public and private investment over the next decade.
As part of the investment plan, the Just Transition Mechanism should help alleviate the socio-economic impact of the transition on workers and communities most affected by the shift. In May 2020, the Commission proposed a public sector loan facility to support green investments in regions dependent on fossil fuels, which was approved by the Parliament in June 2021.
Parliament and Council agreed on the introduction of new sources of revenue to fund the EU budget and the Covid-19 economic recovery plan. These would include proceeds from the Emissions Trading System and a carbon border adjustment mechanism that would impose a levy on imports of certain goods.
To encourage investment in environmentally sustainable activities and prevent companies falsely claiming their products are environmentally friendly – practice known as green-washing -Parliament adopted new legislation on sustainable investments in June 2020. In November 2020, MEPs also asked for a shift from an unsustainable to a sustainable economic system, as crucial to develop the long-term strategic autonomy of the EU and to increase the EU’s resilience.
Discover how the Just Transition Fund helps EU regions make the transition to a greener economy