As we approached the second anniversary of the adoption of NextGenerationEU, it is clear that the Recovery and Resilience Facility (RRF) continues to be a central driver of the EU's green and digital transformation. Since its adoption, the RRF has provided unprecedented funding for member states to invest in a sustainable and digital future.
The RRF is a €672.5 billion fund designed to help EU member states recover from the economic impact of the COVID-19 pandemic. The fund is a key component of NextGenerationEU, the EU's plan to support Europe's recovery and build a more resilient and sustainable future. The RRF focuses on supporting member states' investments in green and digital transformation, as well as fostering economic and social resilience.
The green transition is a top priority of the RRF, with a significant portion of the funds allocated to climate-related investments. Member states are expected to dedicate at least 37% of their RRF funding to climate and environmental objectives, which includes investments in renewable energy, sustainable transport, and energy efficiency measures. This will help the EU achieve its goal of becoming climate-neutral by 2050, while also creating new green jobs and boosting economic growth.
The digital transformation is also a key focus of the RRF, with funding allocated to investments in digital infrastructure, connectivity, and skills. This will help member states embrace the opportunities of the digital economy, including the development of new technologies, the growth of the digital services sector, and the improvement of public services through the use of digital tools.
Since the adoption of the RRF, member states have submitted their national recovery and resilience plans, outlining their investment priorities and proposed reforms. These plans have been reviewed and approved by the European Commission, and funding is now being disbursed to member states. The RRF is already having a significant impact, with member states making progress in implementing their plans and making investments in green and digital transformation.
The RRF is not just a short-term response to the COVID-19 pandemic. It is a long-term investment in Europe's future, helping to create a more sustainable, resilient, and prosperous continent. By investing in green and digital transformation, the RRF is driving economic growth, creating new jobs, and ensuring Europe's competitiveness in a rapidly changing global economy.
In conclusion, two years on since its adoption, the Recovery and Resilience Facility continues to be a central driver of the EU's green and digital transformation. The RRF is providing unprecedented funding for member states to invest in a sustainable and digital future, and is already having a significant impact on Europe's economic and social development. With continued commitment and investment, the RRF can help to build a brighter, more resilient, and sustainable future for all Europeans.