The EU has вЂњeffectively doubled its budget for the next seven yearsвЂќ вЂ” 2021-2027 вЂ” compared to the previous seven-year period of 2014-2020.
This was stated by French President Emmanuel Macron at a press conference following the EU summit. The total amount of the seven-year budget plan of the EU and the EU economic recovery Fund approved at the summit is в‚¬1.824 trillion, the seven-year budget for 2014-2020 is в‚¬959 billion.
Up to 30% of all EU budget spending in the next seven years will be reserved to support вЂњclimate-oriented projects,вЂќ Macron said.
вЂњWe have decided to allocate up to 30% of all funds for climate projects,вЂќ he said. The total amount of the seven-year budget plan of the EU and the EU economic recovery Fund approved at the summit is 1.824 trillion euros for 2021-2027.
EU leaders have agreed for the first time to place common EU-wide debt obligations to Finance economic recovery, the French President said.