EU set to mobilize 1bn euros for climate action

The European Union aims to become climate-neutral by 2050. To achieve this, Brussels has presented an investment plan for a European Green Deal that will unlock private funds and financial instruments to lead to at least €1 trillion in investments.

“The European Union is committed to becoming the first climate-neutral block in the world by 2050,” writes the EU in a press release. To help accomplish this ambitious goal, the EU has presented an investment plan for a ‘European Green Deal’ that will unlock at least €1 trillion of investments for a sustainable Europe.

“The transformation ahead of us is unprecedented,” says Ursula von der Leyen, president of the European Commission. “And it will only work if it is just – and if it works for all.”

While all member states, regions and sectors will need to contribute to the transition, the investment plan recognizes that the scale of the challenge is not the same across the EU.

“It will require more efforts from citizens, sectors and regions that rely more on fossil fuels than others,” says Frans Timmermans, executive vice-president for the European Green Deal.

“The Just Transition Mechanism will help support those most affected by making investments more attractive and proposing a package of financial and practical support worth at least €100 billion. This is our pledge of solidarity and fairness.”

Under the investment plan, the EU aims to mobilize at least €1 trillion over the next decade, with the European Investment Bank will play a key role in achieving this. The EU will also “provide tools for investors by putting sustainable finance at the heart of the financial system” and it will “provide support to public authorities and project promoters in planning, designing and executing sustainable projects”.

Image credit: Simon & His Camera via Flickr

You may also like...

Leave a Reply