EU plans to spend a quarter of its budget to fight climate change

Flying flag in front of the European Union's Center for Strategic and International Studies (CSIS)

The European Commission has put forward its future budgetary plans, which include spending a quarter of its entire finances on tackling climate change.

Under the new proposals, covering the period between 2021 and 2027, a total of $383.2 billion will be spent on climate adaptation and mitigation, an increase of $136.5 billion.

Under the current budget, $246.7 billion is already being spent out to 2020 on combating climate change through investments in energy efficiency, renewable energy, environmental protection, and other carbon reduction schemes.

This represents 20 percent of the budget, and so the draft proposal represents an overall increase of 5 percent.

The budget will now go to the European Parliament and Council for final approval where revisions could be made to the level of climate ambition.

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