The European Commission said that it has approved funding of almost €380 million for green projects in areas such as nature and biodiversity, climate change mitigation, and the transition to clean energy.
The increased investments are being made as part of the LIFE Programme, the EU's financial mechanism for environmental and climate action.
The financing will support 168 initiatives across Europe, focusing on themes like as nature and biodiversity, circular economy and quality of life, climate change mitigation and adaptation, and the transition to sustainable energy.
Investments will include 127 million euros for nature and biodiversity projects, 96 million euros for clean energy transition projects, 86 million euros for environment and resource efficiency projects supporting the EU's circular economy action plan, and approximately 67 million euros for climate action-focused projects, such as climate adaptation and mitigation initiatives.
EU Commission Executive Vice-President for the European Green Deal Frans Timmermans, stated:
"The climate catastrophe has devastating consequences for wildlife and ecosystems. Extreme temperatures, droughts, and floods may wreak havoc on nature and reduce its capacity to protect us from the worst effects of climate change. Countries stressed the significance of safeguarding and restoring nature during COP27. LIFE programmes enable the transition from aspiration to action, accelerating decarbonization and bringing about real change on the ground."