In order to speed up the EU green recovery, the Commission proposed a draft budget (part of the EU long-term budget adopted in 2020) of €167.8 billion for 2022, to be complemented by €143.5 billion in grants under NextGenerationEU.
In accordance with the European Green Deal objectives, at least 30% of the InvestEU Programme must support finance for investments that contribute to the EU's climate goals. Furthermore, 60 percent of the investments financed by the InvestEU Fund's "Sustainable Infrastructure Window" will contribute to the EU's climate and environmental goals.
The Commission will propose a climate and environmental tracking approach for assessing how specific financing and investment operations contribute to InvestEU's climate and environmental goals.
It will establish a mechanism for assessing the environmental, climate, and social implications of projects through sustainability proofing. The sustainability proofing standards put the "do no significant harm" principle into practice, gradually incorporating the EU Taxonomy's technical screening criteria.