Specifically, the funding is a major part for the delivery of the European Green Deal.

The call for proposals will run until May 27, 2020.

During the announcement of the funding provision, the European Commission stated that

Given the climate neutrality objective under the Green Deal, financial assistance provided under this call for proposals should maximise its added value towards decarbonisation.

Overall, to support the EU Green Deal, the EU aims to mobilize investments in the next ten years to support its goals towards climate neutrality by 2050; the half of the amount will come from the EU budget while Member States are expected to co-finance another €100 billion. The rest will come by private and public investments.