Green Investments: towards the sustainable and competitive recovery of islands

The events of 2020 forced necessary and unprecedented changes in European investments, in order
to ensure a smooth and sustainable recovery from the COVID-19 pandemic. Such changes are notable within the European Green Deal, the long-term budget of the European Union (EU) for 2021-2027, also referred to as the Multiannual Financial Framework (MFF) 2021-2027, and the Next Generation EU (NGEU) Recovery Instrument.

On 18 May 2022, the European Commission (EC) proposed indeed the REPowerEU Plan to make Europe independent from Russia’s fossil fuels by 2027, following Russia’s invasion of Ukraine. The EC estimated that an additional investment of €210 billion would be needed between 2022 and 2027 to deliver the REPowerEU objectives

In this context, the note outlines how the European legislative framework has evolved in recent years and which instruments and funds are available to support European Islands in the green transition.  A few EU-funded projects carried out in IC member regions – including Green Hysland in the Balearic Islands – are showcased underlining lessons learnt and the main challenges and opportunities islands are facing in pioneering the twin transition.