RIGA - With the adoption of Latvia's cohesion policy program for 2021-2027, EUR 192 million from will be invested in Latvia from the Just Transition Fund (JTF) to support a just transition to a climate neutral economy, LETA was told at the press office of the European Commission's Representation in Latvia.
The EU investments are intended to help Latvia phase out peat as a source of energy by 2030 and restore peatlands to cut greenhouse gas emissions and improve the local environment.
The JTF will help phase out peat as energy source in the regions of Vidzeme, Latgale, Zemgale and Kurzeme. The European Union (EU) will make investments in the restoration of Latvia's historical peatlands to reduce greenhouse gas emissions from these territories by 86 percent, protecting at the same time the local environment and biodiversity.
Furthermore, the JTF will promote the diversification of the regions' economy by investing in innovative business infrastructures for small and medium-sized enterprises (SMEs) and renewable energy sources, particularly solar energy and biomass. Those currently working in the peat industry will be offered special training. Around 1,600 employees will have the opportunity to retrain and learn new skills.