Austria is receiving €136 million (£115m) under the European Commission’s Just Transition Fund (JFT) to ensure its transition to climate neutrality does not leave anyone behind.
The Commission has adopted the Territorial Just Transition Plans (TJTP) for Austria together with the first funding under the JFT worth €76 million (£64m), with the plan expected to create employment and mitigate job losses linked to the green transition.
This will be done by investing in the development of new business models and sustainable green business areas proactively accompanying companies in their transition process.
The plan will finance advisory services to local SMEs and start-ups, including supporting already-established incubators, building new incubation capacities with a focus on green business models and improving access to incubation capacities, for example, in co-operation with education and research institutions.
The JFT supports territories facing the biggest challenges in the transition towards a climate-neutral economy.
Frans Timmermans, Executive Vice President for the European Green Deal said: “The adoption of the Austrian Just Transition Plan together with the first JTF instalment is good news for Austria. The green economy is our future and the Just Transition Fund is here to support a smooth and fair green transition in Austria’s regions that face the steepest path to climate neutrality.”