Right to use cash should be in Austria’s constitution: Chancellor
08 Aug 2023
09 Aug 2022
The European Commission has approved the Territorial Just Transition Plans (TJTP) for Austria as well as the initial funding within the so-called Just Transition Fund (JTF), worth €76 million.
Under the JTF, Austria will receive a total of €136 million to ensure no one is left behind in the country’s move to climate neutrality.
According to Executive Vice-President for the European Green Deal, Frans Timmermans: “The adoption of the Austrian Just Transition Plan together with the first JTF instalment is good news for Austria. The green economy is our future, and the Just Transition Fund is here to support a smooth and fair green transition in Austria's regions that face the steepest path to climate neutrality.”
The plans will generate employment and alleviate job losses associated with this green transition. Investment will be boosted in the development of new business models and sustainable business areas, helping firms with their transition process.
Commissioner for Cohesion and Reforms, Elisa Ferreira said of the plans: “I am very happy to see the adoption of the Plan and the first allocation from the Just Transition Fund for Austria. This programme will strengthen innovation and research to boost the climate transition while at the same time making sure that in this transition process no one is left behind.”
Regions in Austria that are undergoing substantial transformation and that will receive funding from the JTF are situated in Upper Austria, Carinthia, Lower Austria, and Styria, according to a European Commission report.
In total, the Just Transition Mechanism will offer targeted help to generate around €55 billion until 2027 within the most impacted areas, in order to ease the negative socio-economic effects of the transition.