The Strategist

EU to spend €1T on war on carbon dioxide

10/08/2021 - 07:20

The European Commission will allocate at least €1T until 2030 to implement the EU's climate policy, European Commissioner for Economic Affairs Paolo Gentiloni said at a conference on Thursday.

"All the actions that need to be taken for a successful transition to a greener economy require a huge investment... The European Commission has pledged a minimum of €1 trillion investment by 2030 to fund the Green Deal," he said.

The so-called Green Deal is a European Commission project to restructure the European Union so that it has less negative impact on the environment.

European Commission chief Ursula von der Leyen says the EU needs to accelerate climate reforms to become more energy independent amid the current spike in energy prices.

EU authorities have previously agreed that the region should become climate neutral by mid-century, when final greenhouse gas emissions into the atmosphere will reach zero.

Climate neutrality can be achieved by reducing emissions and applying technologies to capture and store harmful gases.

Moving towards climate neutrality will require restructuring energy production and consumption, major reductions in greenhouse gas emissions by economic sectors, reductions in the use of fossil fuels and increases in renewable energy use, and trillions of euros in investments.