EU Leaders Agree on New Climate Funding Plan Amid Rising Energy Costs

European Union leaders reached a consensus on a new climate funding initiative during their summit in Brussels on March 22, 2026. The plan aims to allocate €50 billion over the next five years to support green energy projects across member states, addressing the surge in energy prices and accelerating the transition to renewable sources. According to Reuters, the agreement includes increased investments in wind and solar power infrastructure and incentives for innovation in clean technology. The funding package is expected to help EU countries reduce carbon emissions by 40% by 2030, aligning with the bloc’s climate targets. This move comes amid growing pressure from citizens and environmental groups to tackle climate change while ensuring energy security.