The European Commission has today (Wednesday, June 7) proposed a year-on-year increase in the amount of funding allocated to the Common Agricultural Policy (CAP) in the annual draft EU budget.

The commission has proposed that €53.8 billion is allocated to CAP in the draft EU budget for 2024 – up on the €53.6 billion allocated to CAP in the draft budget for 2023.

The European Commission today published details of the total proposed annual EU budget of €189.3 billion for 2024.

It warned that the EU had faced “exceptional challenges in the last years” and said that the draft budget for 2024 “directs funds to where they can make the greatest difference”.

“The funding will help modernise and strengthen our union, by fostering the green and digital transitions, creating jobs and strengthening Europe’s role in the world,” the commission said today.

It detailed that €53.8 billion has been allocated for the CAP and €1.1 billion for the European Maritime, Fisheries and Aquaculture Fund in the draft 2024 budget.

According to the commission this will “strengthen the resilience of the agri-food and fisheries sectors and provide the necessary scope for crisis management”.

Overall, €387 billion in funding is expected to be allocated to CAP between the years 2021 to 2027.

Next year Ireland and other member states will present an annual CAP performance report and hold an annual review meeting with the commission.

According to the European Commission it has also allocated €2.4 billion for environment and climate action in the draft 2024 budget.

At least €745 million will be earmarked for the LIFE programme to support climate change mitigation and adaptation, and €1.5 billion will be directed to the Just Transition Fund “to make sure that the green transition works for all”.

A further €47.9 billion has been allocated for regional development and cohesion “to support economic, social and territorial cohesion”, as well as infrastructure supporting the green transition and union-priority projects.

Johannes Hahn, Commissioner for Budget and Administration, said the EU budget continues to provide Europe with the means to “tackle current and future challenges”.

“The EU budget, like national budgets, is facing constraints due to rising costs while the financing needs are not decreasing.

“The 2024 EU budget has been tailored to keep supporting the green and digital transition of the union and remains one of the most powerful tools delivering added value to people’s lives,” the commissioner added.