The European Commission has proposed to increase the investment budget over the 2021-2027 period to accelerate the decarbonisation and digitalisation of the EU's economy, with €8.7bn ($10.2bn) to support the energy sector.

The move is part of the “Connecting Europe Facility” programme, which will also pave the way for €30.6bn of investments in supporting European infrastructure networks for transport, and €3bn in the digital sector.