EU unveils €1 trillion fund to woo Warsaw on climate

The European Commission has presented plans to invest a quarter of its budget to tackling climate change in an effort toward making the EU’s economy more environmentally friendly over the next 10 years.

The project will be funded by the bloc’s budget and by the private sector and has been designed to convince coal-dependent countries like Poland to embrace the Green Deal by helping them weather the financial and social costs of moving away from fossil fuels.

EU leaders agreed last month to make the bloc’s economy carbon neutral by 2050, but Poland, which depends on coal for much of its energy needs, has so far refused to agree to the deal.

(Reuters)