The European Commission has guaranteed the transfer to Portugal of 223.8 million euros, under the Fair Transition Fund, for "a fair climate transition in the Portuguese regions of Alentejo Litoral and Médio Tejo e Matosinhos", where "three of the country's largest CO2 emitting power plants" have been shut down
From the Fair Transition Fund, an envelope of 223.8 million euros will be sent to Portugal. The funds will be distributed to Alentejo Litoral (which will receive around 99 million euros) and Médio Tejo (around 65 million euros), for the closure of two coal-fired power plants, and to Matosinhos (around 60 million euros), for the closure of Petrogal, Leça da Palmeira. The amount will serve, in the three regions, to support "research and innovation of small and medium enterprises operating in the renewable energy, agro-food and tourism sectors, and investing in sustainable local mobility.
In Matosinhos, the sum will help "local small and medium-sized companies affected by the refinery closure to adapt their business models. It will also create "150 new jobs in the supported small and medium-sized enterprises", and it is expected that the fund will also "enable the requalification and training of 170 long-term unemployed people".
Alongside this, the European Commission states that the funds will support "the creation of a new innovation cluster, with special emphasis on sustainable mobility, green energy, advanced manufacturing processes, and the marine economy. The realization of this project depends, however, on the level of contamination of the refinery's land, which remains unknown.
"The introduction of sustainable public transport on this site is also one of the priorities of the fund's investments in this territory," adds the European Commission.
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