In an era in which the global community is struggling with the challenges of climate change and the need for sustainable development, the Just Transition Fund (JTF) represents a valuable help to make the economy more eco-friendly. In the context of the European Green Deal, the Fund is the first pillar of the Just Transition Mechanism, aiming to support communities that are economically dependent on fossil fuels and high-carbon industries undergoing transitions related to environmental or economic shifts.
With the Just Transition Fund, the European Union aims to not leave anyone behind in the transition to a greener economy. For this purpose, member states have access to the JTF depending on their commitments to achieve climate neutrality by 2050, and they are called to intervene especially in the outermost regions and in their territories worst affected by the transition.
Among others, key features of the Just Transition Fund include:
- Support for workers, both in terms of retraining and of job placement. This helps workers acquire new skills that are relevant to emerging industries and ensure them to find meaningful and sustainable work as industries evolve;
- Community development, investing in new sectors and encouraging entrepreneurship. Emphasis is placed on promoting sustainable development practices, including initiatives related to renewable energy, and environmental conservation;
- Global and regional initiatives in the context of green economy. The entire community should be involved in the transition into a more sustainable world, this is why initiatives at various level, including national, regional or even global, are supported by the Fund.
In conclusion, the Just Transition Fund is an extremely important source for member states, emerging not merely as a financial instrument but also as a guiding force toward a more equitable and sustainable future, and thus ensuring that no community or worker is left behind.
Bibliography
European Commission. (2023). Just Transition Fund. Retrieved from Regional Policy – Funding: https://ec.europa.eu/regional_policy/funding/just-transition-fund_en
European Parliament. (2023). A €17.5 bn fund to ensure no one is left behind on the road to a greener economy. Retrieved from Press room: https://www.europarl.europa.eu/news/en/press-room/20210517IPR04110/a-EU17-5-bn-fund-to-ensure-no-one-is-left-behind-on-the-road-to-a-greener-economy
European Union. (2023). Regulation (EU) 2021/1056 of the European Parliament and of the Council of 24 June 2021 establishing the Just Transition Fund. Retrieved from EUR-Lex: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32021R1056&qid=1694610663421
Written by Eleonora Montanari
Born in Italy, she studied Linguistics and Cultural Mediation at the University of L’Aquila. In order to combine her passion both for languages and communication, she continued her studies with a Master’s degree in Foreign Languages for International Communication at the University of Turin and with a postgraduate course in Global Marketing, Communication and Made in Italy. Both during her bachelor and her master’s studies, she enjoyed the Erasmus+ program, studying first in Leipzig and then in Trier. After coming back from her second experience abroad, she graduates with a thesis focused on the language and linguistic aspects characterising fake news. She enjoys singing, walking and getting lost in the nature.