EU cuts climate and foreign aid to finance war, borders

Press quote (EU Observer)
31 January 2024

The so-called 'sovereignty fund', which was initially announced as a means to counter the €720bn in energy and climate finance under the US Inflation Reduction Act, has been slashed to a €1.5bn financing tool mainly for the procurement of ammunition, later described on social media by Sander Tordoir, a senior economist at the Centre for European Reform as a "Micky Mouse budget."