January 31, 2024

The EU is shifting its spending priorities from greening the economy to investing in defence, as the bloc faces backlash over climate regulation and grapples with war in Ukraine. Faced with tightening national budgets, member states have reduced a common fund designed to spur innovation in the bloc from €10bn to €1.5bn — and have ensured that it can only be used for defence-related projects, not green technology or other climate-related investments.

Source: https://www.ft.com/content/c777a195-ccd5-43a3-95c4-18b05e1ef643