The European Council approved the European Union’s EUR 1.82 trillion seven-year funding package and sent it to the European Parliament. The regular budget is worth EUR 1.07 trillion and the remaining EUR 750 billion is a recovery instrument called NextGenerationEU.

The bloc’s leaders called for a cut in emissions by 55% in the next decade.

The European Union managed to overcome fierce disputes with Poland, Hungary and some other member countries on the conditions for using green recovery funds.

The European Council adopted a seven-year budget and a EUR 750 billion fund for the economy’s sustainable recovery from the coronavirus pandemic at its summit in Brussels and gave the green light for establishing mechanisms to finance the European Green Deal.

“This has underlined indeed Europe’s capacity to act in the face of the worst crisis the EU has ever faced… The launch of NextGenerationEU is also a key component of our climate ambition.

Now, that we have secured the funding, we have the means for our actions,” said European Commission President Ursula von der Leyen, pictured left with European Council President Charles Michel and German Chancellor Angela Merkel.

The head of the EU’s executive arm said the European Parliament should approve the budget, officially called multiannual financial framework, as soon as possible and called on member states to ratify it swiftly.

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