The Multiannual Financial Framework for 2021-2027 has been adopted by the Council and the European Parliament. It will provide a long term budget of 1074.3 billion euros for the EU27 in 2018 prices. With the Next Generation EU recovery instrument of 750 billion euros, the EU will provide 1.8 trillion of funding to support the recovery from the COVID 19 pandemic.
The financial framework will also give particular attention to green and digital transitions and will focus on modernising policies, notably cohesion policy and common agricultural policy. The LIFE+ programme is the most ambitious EU climate and environmental programme ever and only programme at EU-level dedicated to the environment and climate It will receive 5.4 billion euros from the Multiannual Financial Framework 2021-2027 with 3.5 billion for environmental policies. The other 1.9 billion euros will be allocated to Climate Action projects which include climate change mitigation, adaptation and Clean Energy Transition projects.
This new Multiannual Financial Framework 2021-2027 also introduces the new Just Transition Fund to support the most vulnerable carbon intensive regions in their transition towards a climate-neutral economy.