Brussels, 19/07/2013 (Agence Europe) - LIFE, the new financial instrument specifically devoted to the environment and the climate, will have a budget of €3.456 billion over seven years (2014-2020), with €2.592 billion for the environment and €864 million for the climate. The permanent representatives of the member states meeting in Coreper on Thursday 18 July enshrined the inter-institutional agreement reached on 26 June of this year (see EUROPE 10876). This confirmation was immediately welcomed by Janez Potocnik, Commissioner for the Environment, and by Connie Hedegaard, Commissioner for Climate Action.
The lion's share of the budget will co-fund projects for organisations established in the EU, but the LIFE programme will be accessible to overseas countries and territories where the most species-rich parts of the EU are to be found. One innovation in this instrument relates to the fact that it will be possible to channel the money via institutions granting loans or guarantees to banks, which will provide bank loans in order to fund projects directly. The rate of co-funding for LIFE nature projects will be 50% to 60%, but the rate will be 75% for conservation projects for priority species and habitats. The Life + programme currently in force (2007-2013) has an envelope of just €2.143 billion. (AN/transl.fl)