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A power-generating windmill turbine is pictured during sunset at a renewable energy park in Ecoust-Saint-Mein, France, September 6, 2020. REUTERS/Pascal Rossignol//File Photo

The European Parliament on Tuesday formally approved the European Union's multi-billion euro fund to support countries as they wind down fossil fuel industries, as the bloc overhauls its economy to fight climate change.

The 17.5 billion euro ($21.37 billion) Just Transition Fund (JTF) combines cash from the EU's budget and its COVID-19 recovery fund.

It will support communities most affected by plans to shut down coal, peat and oil shale sectors, or other emissions-intensive industries, and replace them with low-carbon industries and jobs -- a transformation seen as key to meeting the EU's target to eliminate its net greenhouse gas emissions by 2050.

EU lawmakers approved the fund with 615 votes in favour, 35 against and 46 abstentions. The JTF needs final approval from the EU's 27 countries, expected in June, but that is a formal procedure and will not change any details.

"JTF is a key tool to ensure the transition towards climate neutral economy happens in a fair way, leaving no one behind," Greek lawmaker Manolis Kefalogiannis, parliament's lead legislator on the fund, told the assembly on Monday.

German Green lawmaker Niklas Nienass praised the terms of the fund, which cannot be spent on nuclear energy or fossil fuels including natural gas. read more

However, he said it could not offer sufficient support to regions in need, because EU member states had refused requests from the European Commission and parliament to increase it.

"It's just too small," Niklas said.

Poland, which employs over half of the roughly 230,000 people working in Europe's coal industry, is in line for the biggest share, followed by Germany and Romania, both home to coal-mining regions.

To access the money, regions must submit plans detailing how they intend to manage mine closures and retrain workers. The European Commission has warned Poland that its plan to extend the life of a coal mine in Turow until 2044 could cost the region its share of the fund.

($1 = 0.8188 euros)

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EU lawmakers give final approval to bloc's green transition fund - Reuters

(CBS LOCAL) The European Union is preparing a plan to reopen to vaccinated Americans and many seniors are ready to go. Travel advisors say the older travelers are among those leading bookings.

Gale and Bob Grossman are frequent travelers. They vacation in places like Italy, Brazil, and Ireland. But international trips were no longer possible when the pandemic hit.

A year later, the senior couple is now vaccinated and eager to start flying abroad again.

As soon as Europe opens up, were gone, says Gale.

We go to Ireland every year also and Ireland cant give us an answer when we can get there and we keep postponing that trip as well, says Bob.

Its what travel advisor Hillel Spinner keeps seeing among his older clients.

Between February and March, Ive noticed an increase of about 110%. And the reason for that is theyve been vaccinated, they feel safe to travel again, the world is their oyster, theyre like where can I go now? he says.

A recent survey by the American Society of Travel Advisors finds 44% of those polled say being able to travel is the main reason why theyre getting vaccinated. And two-thirds of those surveyed feel the vaccine will enable them to do so.

Jim Moses is the President and CEO of Road Scholar which provides educational travel tours for older adults.

He says, Its been unbelievable. Weve seen about a 50% increase in the numbers of people who are enrolling in programs. Theyre so excited.

Alisa Kauffman is in her early 60s and planning a 60th birthday trip for her husband to Greece. Its a much-needed getaway after losing her mother to COVID in August.

Travel is the only thing that you can buy that makes you richer, and thats the one thing that my mother taught me, she says.

A lesson she can put to good use now that shes vaccinated.

The travel agency Embark Beyond is seeing strong bookings in Turkey and Greece this summer.

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European Union Preparing Plan That Will Allow Vaccinated Americans To Travel Once Again - CBS Pittsburgh

Vaccines against Covid are still sorely missed, due to insufficient production, and the international Covax system is far from the number of doses it thinks can be distributed.

The G7 countries and members of the European Union will be able to donate more than 150 million doses of anti-virus vaccines for the disadvantaged countries, in an attempt to bridge the inequality gap in vaccines in the face of the epidemic, according to UNICEF, on Monday 17 May 2021.

That number could be reached if the Group of Seven of the worlds wealthiest nations whose leaders met in June 2021 at the England summit and European Union members only shared 20% of the shares at their disposal. June, July and August, according to a study by Irfinity, a company that specializes in analyzing scientific data and is funded by the British branch of UNICEF. They can do this while still fulfilling their obligations in terms of vaccinating their own population, said Henrietta Fore, Director-General of the United Nations agency.

Shortage of moneyVaccines against Covid are still in dire shortages, due to insufficient production and the international Covax system, which has been created to try to prevent rich countries from getting most of the precious doses, far from counting the doses that he thought could be dispensed with. In June, nearly 190 million doses of the Covax system created by the Vaccine Alliance (GAVI), the World Health Organization and also CEPI (Alliance for Innovations in Pandemic Preparedness) will be lost compared to the volumes initially planned.

UNICEF unmatched in the field of immunization is responsible for the distribution. Therefore, by the end of May 2021, 140 million doses of Covax will be missed and another 50 million in June. The shortage of vaccines and the shortage of funds add to the difficulties.

The press release said that while awaiting more permanent measures to significantly increase production, the immediate participation of overdoses is a minimum, which is a necessary and urgent measure, which we need immediately. A gap that the WHO chief, Tedros Adhanom Ghebreyesus, considers so unfair that he asked states on Friday to forgo immunizing children and adolescents the least inclined yet to develop dangerous forms of Covid to have their Kovacs available.

For the proponents of participation, this is not just a moral imperative for poor countries to be able to immunize their health workers and their most vulnerable populations. The vigorous spread of the virus anywhere, due to lack of immunization, can lead to the emergence of variants that are more infectious, more lethal and possibly resistant to existing vaccines, nullifying efforts already made.

Thus the Director-General of the World Health Organization warned on Friday May 14, 2021: The Covid-19 virus has already claimed the lives of more than 3.3 million people, and at the rate of ongoing matters, the second year of the epidemic will be much more deadly than the first.

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Covid-19 vaccines: The G7 group and the European Union can donate more than 150 million doses to Covax - Prudent Press Agency

Euro currency

Brussels does not see inflation potential.

(Photo: Vario-Images)

Brussels The European Commission wants to intensify the fight against tax evasion. To this end, it is forcing the European Union to publish accurate information on the tax burden of large companies. We want to ensure more transparency, EU currency commissioner Paulo Gentiloni told Handelsblatt and the French business daily Les Ecos. This will help us to fight against aggressive tax planning. Brussels also wants to take action against letterbox companies.

At the same time, Europeans are trying to reach an international tax consensus. We have the opportunity to reach a political agreement between the G20 countries in Venice in July, Gentiloni ressed. The U.S. proposal to raise the global minimum tax rate to 21 percent has sparked discussions.

The EU is aiming for a similar level. I do not think we can go beyond the US proposal, he said. The Italian was confident that he would be able to convince European Union countries such as Luxembourg and Ireland, which have so far attracted investors to lower taxes, about tax reform.

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Inflation in Europe: That's what the European Union's currency commissioner says - SwordsToday.ie

PARIS (AP) More than 20 African heads of state and top officials from European governments, the European Union and the International Monetary Fund agreed Tuesday to seek an additional $100 billion for reviving Africas economies crippled by the COVID-19 pandemic.

French President Emmanuel Macron hosted the Paris summit aimed at finding ways to help Africa face the crisis and return to growth, with the support of international organizations, including the IMF, the World Bank and the African Union.

Macron called on the international community to set a new deal for Africa nations. He said the financing needs of the continent are estimated at about $300 billion by 2025.

This moment may be an opportunity to finally respond to huge challenges Africa is facing, he said at a news conference. Economies in sub-Saharan Africa together shrank 1.9% last year in an unprecedented recession.

Participants also agreed Africa should be able to massively produce vaccines on the continent for its own population, notably via technology transfers and lifting barriers to intellectual property, Macron said.

IMF Managing Director Kristalina Georgieva confirmed the organization will issue this year $650 billion worldwide in special drawing rights, a foreign exchange tool used to help finance imports. That would include $33 billion for the African continent.

Participants agreed Tuesday to seek to triple the amount and reach $100 billion via the reallocation to African nations of some of the money initially meant to go to advanced economies.

France and other European countries are ready to contribute and a discussion is starting, especially with the United States, to reach a deal by this autumn, Macron said.

Lets be very clear: No, it is not enough, Georgieva said. We have to bring financing from developing organizations. ... We have to make the private sector attractive.

Georgieva warned against a dangerous divergence between advanced economies and developing countries, especially Africa.

The European Union last year adopted a 750 billion euro ($910 billion) pandemic recovery plan. The U.S. Congress approved a $1.9 trillion coronavirus relief bill in March.

This is a great opportunity for Africa, said Congolese President Felix Tshisekedi, the current head of the African Union. The pandemic left our economies impoverished because we had to use all the means we had, the few means we had, to fight against the disease.

Leaders also discussed ways to relieve the debt of African nations and how to reduce interest rates for Africas private sector to boost investment and growth.

EU Commission President Ursula von der Leyen announced a new initiative to mobilize substantial financing and technical expertise to address key bottlenecks that hold back young entrepreneurs and small business owners across Africa.

Senegalese economist Khadim Bamba Diagne said that the big problem that we have is that we have a very young population that is not working because all the markets have been taken over by foreign companies, especially because the debts are conditioned: I lend to you and in return it is my companies that are going to dominate the markets.

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Associated Press writer Cheikh Sy in Dakar, Senegal, contributed to this report.

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Leaders agree in Paris on helping African economies revive - Associated Press