What are EU Projects of Common Interest?
Apr 15, 2024
Proactive
European funds are European Union resources allocated to Member States to finance projects that contribute to achieving their European objectives. One of these major objectives is the twin transition of green and digital transition, for which individual countries are developing their own programmes.
In this transition towards a decarbonised and digitised economy, European funds are an invaluable economic aid, capable of accelerating projects that contribute to cohesion, sustainable and inclusive growth, job creation and care for the environment.
One of the major European objectives is the twin goals of green and digital transition
The European Union has a very clear vision of what its future should look like: a modern, competitive and resource-efficient economy; a territory with zero net greenhouse gas emissions by 2050; and a society where no people or places are left behind.
Ambitious goals require resources, both in the form of the European Union’s own budget lines and the European funds that drive projects, programmes and strategies both globally and in each EU country.
In this regard, the NextGenerationEU funds have become the main instrument to implement this green and digital vision throughout Europe. This 750 billion euro aid package is aimed at the EU’s economic recovery in order to cope with the socio-economic consequences of the pandemic.
The NextGenerationEU funds have become the main instrument to implement this green and digital vision across Europe
To access the funds, Member States have approved national recovery and resilience plans (NRRP). In Spain, this plan envisages investments and structural reforms to tackle the crisis through an effective deployment of up to 140 billion euros in transfers and credits.
Within the framework of this Plan, which is based on the cross-cutting axes of ecological transition, digital transformation, territorial and social cohesion and gender equality, the figure of the Strategic Projects for Economic Recovery and Transformation (PERTE) is created.
PERTE is a public-private partnership instrument in which the different public administrations, businesses and research centres collaborate. Its aim is to promote major initiatives that clearly contribute to the transformation of the Spanish economy.
A common and relevant aspect of the PERTEs is that they all include the principle of not causing significant harm to the environmental goals of the 2020/852 regulation on the European taxonomy for sustainable investments. This aspect, common to all Member States’ plans, ensures the environmental sustainability of all funded projects.
Digitalisation is seen as a way to achieve greater competitiveness, increase internationalisation, improve positioning and, in general, to reduce risks for European companies by increasing productivity and innovation.
Digitalisation is seen as a way to achieve greater competitiveness, increase internationalisation and improve positioning
In Spain, with several actions to boost the digital transition underway within the NRRP, perhaps the most ambitious and relevant is Kit Digital, a voucher to implement technological solutions that help SMEs and the self-employed to become digitally mature.
But there are also other mechanisms to support digital transformation, such as funding for cybersecurity systems to protect energy installations through the Connecting Europe Facility.
The European Funds are intended to finance all types of projects that have environmental sustainability as one of their objectives. The main candidates for funding are projects related to the circular economy, the protection of natural areas and, above all, the energy transition.
The European Funds are intended to finance all types of projects that have environmental sustainability as one of their objectives
In Spain, 40% of NRRP funds are earmarked to contribute to the ecological transition.
In this regard, the circular economy, as a model driving the green transition, and the energy transition, have a very relevant role to play, the latter, the just and inclusive transition, being one of the ten lever policies on which the reform and investment programmes are structured.
This Plan, which includes important measures for the energy transition such as the Renewable Hydrogen and Biogas Roadmap, will make it possible to respond to the challenges of the next decade and thus move towards a more sustainable production and consumption model.