European Union (EU) has come out with a cohesion policy under which it has allocated EUR105 billion to nations to make the region leader in green technologies and creation of jobs. The money has been allocated till 2013. More than half the money will be spent helping the nations meet their climate targets. The EU has committed itself to reducing its carbon emissions 20% by 2020. EU has allocated EUR776 million to Poland, EUR570 million to Czech Republic, and EUR191 million to Romania.

“In a difficult financial climate, this investment will be instrumental in creating long-term employment and reviving local economies, as well as underpinning the EU’s commitment to the fight against climate change,” Danuta Hubner, European commissioner for regional policy said.

The cohesion policy was included in EU law in the 1980s as a way of redistributing money between richer and poorer nations of region in order to balance out the effects of economic integration. Before the EU’s increase in membership in 2004, the main beneficiaries were nations such as Greece, Portugal, Ireland and Spain.