EU approves €520m for Luxembourg’s green transition

The European Commission approved on Friday two Luxembourgish schemes with a total budget of €520 million to support the decarbonisation of manufacturing processes and investments in strategic sectors aimed at achieving a net zero economy.

Under the State Aid Temporary Crisis and Transition Framework (TCTF), Luxembourg will allocate €500 million for a decarbonisation scheme. It targets companies in the manufacturing sector that commit to reducing greenhouse gas emissions by at least 40 per cent through electrification.

An additional €20 million will support investments in sectors like battery production, solar panels, wind turbines, and other key components for green technology.

The Commission deemed these measures necessary and in line with EU rules to accelerate the green transition.

Attribution: The European Commission

Subediting: Y.Yasser