EU launches 1 trillion-euro plan to support Green Deal

The European Union plans to dedicate a quarter of its budget to tackling climate change and has set up a scheme to shift 1 trillion euros ($1.1 trillion) in investment towards making the economy more environmentally friendly over the next 10 years.

The Europe Investment Plan, to be unveiled later Tuesday, will be funded by the EU budget and the private sector. It aims to deliver on European Commission president Ursula von der Leyen's Green Deal to make the bloc the world's first carbon-neutral continent by 2050.

The plan will include a mechanism designed to help the regions most affected by the transition to cleaner industries, although all EU member states will be entitled to subsidies.

Von der Leyen, who took office in December, has made the fight against climate change the priority of her mandate.