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Ursula von der Leyen has told the European Parliament her new growth strategy will require public and private investments as the European Commission is confirmed.
Following the conclusion of the hearings process today, parliament has approved the new commissioners, presented to plenary by Commission President-elect von der Leyen.
In her presentation she confirmed the European Green Deal is the new growth strategy and “it will need massive investment in innovation, research, infrastructure, housing, and the training of people”.
“It will require public and private investments – at the European and at national levels. And once again, Europe is already leading the way. The European Union will mainstream climate financing throughout its budget, but also throughout capital markets and the entire investment chain.
“In regions that will have to make a bigger step than most, we will support people and businesses with a targeted just transition mechanism. It will cut across different funds and instruments and attract the private investment we need.
She added: “To help us achieve this, the European Investment Bank will be a trusted partner.”
In a roll call vote that took place at noon on Wednesday, MEPs approved the new College of Commissioners with 461 votes in favour, 157 against and 89 abstentions.
The new commission needs to be formally appointed by EU heads of state or government. Its five-year term is expected to start on 1 December.
Parliament has also approved the EU Budget 2020. Overall commitment appropriations for 2020 total EUR168.7bn (a 1.5% increase as compared to 2019); payment appropriations total EUR153.6bn (+3.4% over 2019).
For more information on what has been agreed with the European Council, click here.