Fit for 55 package: an overview of the Social Climate Fund
During the April plenary session, the European Parliament discussed and adopted five fundamental laws of the “Fit for 55 in 2023 package”, approving the deals that had already been reached at the end of 2022 with the member states: the Carbon Border Adjustment Mechanism, the reform of the EU’s Emissions Trading System and a new Social Climate Fund to combat energy and mobility poverty. Let's get into the latter.
Fit for 55: Parliament adopts key laws to reach 2030 climate target
How the Social Climate Fund will work
Establishing the Social Climate Fund aims to address part of the social and distributional challenges of Union’s green transition. It is consistent with the climate action policy of the Union and with the commitments undertaken by the Union and the Member States under the Paris Agreement.
To ensure a fair and social inclusive climate transition, the European Parliament voted on April 18 to establish an EU Social Climate Fund (SCF) from 2026. Through this Fund, European countries will be able to protect their citizens from increases in energy costs, counting on a budget of 86.7 billion that will be allocated in par