Maltese MEP David Casa has presented the updated report on the Social Climate Fund to the European Parliament, a €72.2 billion initiative to ensure that the transition to a greener economy is also a social one. The report is expected to be tabled in a plenary session later this year.

Casa’s report, which was in collaboration with Dutch MEP Esther de Lange, delivered the proposal to the Employment and Social Affairs Committee (EMPL) and the Environment, Public Health and Food Safety Committee (ENVI).

The report shows an improved proposal to achieve investments in energy efficiency as well as strengthening commitments to climate change, said Casa.

“The Fund is a major social measure that will protect families and businesses as the EU shifts away from polluting fossil fuels,” said Casa adding that it needs to read in conjunction with other laws in the fit-for-55 package.

The fit-for-55 package includes the European Union’s effort to phase out fossil fuels and fight climate change, with a goal to reduce carbon emissions by 55% by 2030. The Social Climate Fund is part of the package to shield consumers from climate change price rises, investing in energy efficient buildings and road transport.

“Emission-fighting measures in the fit-for-55 package are the single biggest market intervention in the history of the EU. But it is necessary, if we are to have a shot at curtailing the biggest global threat facing us today,” remarked Casa. He said that it is vital to prepare European families for a smooth and fair climate transition.