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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?

Green Deal law to make EU’s energy shift irreversible

by Ewa Krukowska, Bloomberg, January 28, 2020


Highlights

The European Union is drafting a measure, titled the Green Deal, to eliminate greenhouse gas emissions entirely by 2050 in hopes to become the world’s first carbon neutral continent. 

  • The EU wants to make their new climate law irreversible 
  • The Green Deal is meant to keep Europe on track with the Paris Agreement climate goals
  • Reaching the existing climate targets will require additional spending of 260 billion euros ($286 billion) annually

The Climate Center works on achieving carbon neutrality by 2030 and net negative emissions by 2035 through rapid decarbonization.


Read more: https://www.bloomberg.com/news/articles/2020-01-28/green-deal-law-to-make-eu-s-tectonic-energy-shift-irreversible

EU unveils ‘Green Deal’ plan to get Europe carbon neutral by 2050

by Mehreen Khan, InsideClimate News

The European Union unveiled a sweeping set of environmental initiatives on Wednesday aimed at creating the world’s first carbon-neutral continent by 2050, touching everything from state aid rules to a green industrial policy and a carbon border tax on imports.

In its much-anticipated Green Deal for Europe, the new European Commission, led by Ursula von der Leyen, laid out 50 policies to be rolled out over the next three years that would revamp rules and regulations to meet ambitious climate goals.

Read more: https://insideclimatenews.org/news/11122019/europe-green-deal-plan-carbon-neutral-2050-border-adjustment-tax-just-transition