PN MEP David Casa announced late last night that a provisional agreement to set up a new multi-billion euro Social Climate Fund to help families and small businesses through the climate transition has been found, the EPP said in a statement.

The PN forms part of the EPP party in the EU Parliament.

Casa was a lead negotiator after being appointed Social Climate Fund rapporteur for the Employment and Social Affairs Committee (EMPL) last year.

Millions are set to be unlocked for Malta pending final approval of the deal after the new year, the EPP said.

"We are the closest ever toward ensuring that the climate transition will be fairer and more socially inclusive," Casa said.

The Fund was provisionally agreed at €86.7 billion and will be financed through a historic carbon pricing mechanism, the flagship climate policy of the European Union which was agreed by fellow negotiators jointly with the Social Climate Fund.

"This is positive news for our energy needs, for the climate, and for our citizens," he said.

Casa thanked his co-rapporteur on behalf of the ENVI Committee, EPP MEP Esther de Lange for the excellent cooperation throughout the past year. He also expressed his gratitude to his shadow rapporteurs who represented all other European political parties during the negotiations.

The Social Climate Fund is part of the "Fit for 55 in 2030 package", which is the EU's plan to reduce greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels in line with the European Climate Law.