European Parliament Strasbourg

Europe’s recovery plan has green strings attached

by Ewa Krukowska and Laura Millan Lombrana


Highlights

  • The European Commission unveiled a 750 billion euro economic recovery plan that incorporates climate-neutrality goals that aim to accelerate clean transportation, energy savings, and renewable energy production
  • In order to access these funds, EU members must prove their investments are aligned with the Green Deal, Europe’s 2050 climate neutrality goal
  • The stimulus program will include 500 billion euros in grants and 250 billion euros in loans, while the cost of reaching 2030 climate goals will need 470 billion euros a year
  • Funds will be used to promote a just transition from the fossil fuel industry and supporting the agriculture industry as it tries to meet Green Deal goals

Funding climate action by financing mechanisms including frequent flyer fees, green bonds, and a carbon fee and dividend program, we can produce an additional $20+ billion per year specifically for climate action. This can pay for an urgently needed suite of bold policies for a climate-safe California.


Read More: https://www.bloomberg.com/news/articles/2020-05-27/europe-pledges-green-recovery-in-historic-stimulus-program?

Nina Turner
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