- LIFE is the EU's financial instrument for the environment, nature conservation and climate action. It is managed by the European Commission’s DG Environment and DG Climate Action. Under the theme of climate change mitigation, projects focusing on the efficient use of energy in the transport sector are supported.
- The budget for 2014–2020 is set at €3.4 billion in current prices (2021). For the next long-term EU budget 2021-2027, the Commission is proposing to increase LIFE funding by almost 60%.
The EIB, together with the European Commission, has set up four special support instruments:
- Provides technical assistance to prepare high-quality major projects to be financed by the ERDF and CF, including CEF projects. It targets assistance on infrastructure projects which are defined as 'major' projects in the Common Provisions Regulation.
- Promotes the use of financial engineering instruments to improve access to finance for SMEs via Structural Funds interventions.
- Supports sustainable urban development and regeneration through financial engineering mechanisms.
Provides both technical assistance and financial support to non-bank micro-credit providers and helps them to improve the quality of their operations, to expand and to become sustainable.
NextGenerationEU which is implemented alongside the European Union’s long term budget, is a €750 billion temporary recovery instrument to help repair the immediate economic and social damage brought about by the coronavirus pandemic.
NextGenerationEU provides additional funding to initiatives outlined above, including InvestEU, the ERDF, having previously provided additional funding for Horizon 2020
Recovery and Resilience Facility (RRF)
The central component of NextGenerationEU is the Recovery and Resilience Facility (RRF) which provides €672.5 billion in loans and grants available to support reforms and investments undertaken by EU countries. Member states are developing RRF plans to access funds under this initiative, which aims to mitigate the socio-economic impacts of the coronavirus pandemic make European economies and societies more sustainable, resilient and better prepared for the challenges and opportunities of the green and digital transitions.
Recovery Assistance for Cohesion and the Territories of Europe (REACT-EU)
Within NextGenerationEU, €47.5 billion is allocated to REACT-EU. The funds will be made available to the:
- European Regional Development Fund (ERDF)
- European Social Fund (ESF)
- European Fund for Aid to the Most Deprived (FEAD)
The additional funds will be provided in 2021-2022 and in 2020 through a targeted revision to the current financial framework.