GREEN AGREEMENT: EU plans to spend 1 trillion euros to fight climate change

The European Union plans to allocate a quarter of its $ 1 trillion budget to fight climate change and make the EU economy more environmentally friendly in the next 10 years.

According to the AP, EU officials have stated that the Green Deal Climate Protection Program presented by the President of the European Commission, Ursula von der Lien, will be financed from the budget of the Union and the private sector.

“Half of the investment will come from the EU budget. National governments will contribute € 100 billion and € 300 billion will come from the private sector, ”the statement said.

Another € 7.5 billion from the EU budget for 2021-2027 is earmarked for a broader mechanism, which should attract another € 100 billion in investment. The money will be used to convince coal-dependent countries such as Poland to also join the Green Agreement.
It is noted that the money will be allocated according to certain criteria: the regions where a large number of people work in the coal industry, peat or shale mining will receive priority.

It is also reported that the final amount of funding will depend on discussions between Member States on the next multi-annual EU budget.

For his part, the head of the EU Parliament’s Budget Committee, Johann Van Overvelt, is skeptical of the system for allocating climate finance.

“It contains a prize trillion euros. Where the money comes from is unclear. We are against the disposal of promises and money. We do not support creative accounting and financial adventures, ”he said.

According to European Commission estimates, meeting the 2030 climate targets, which include a 40% reduction in greenhouse gas emissions from 1990 levels, will cost an additional € 260 million a year.

In order to receive financial support, EU Member States will need to present restructuring plans for their economies, detailing low-emission projects.

According to the agency, on January 15, MEPs are expected to hold a non-binding vote on the Green Agreement resolution, and European Commission President von der Leyen wants to adopt a climate law by March.

Recall that on December 12, 2019, the President of the European Commission, Ursula von der Liaen, presented the EU’s Green Deal climate protection program. According to which, by 2030, the EU should reduce its greenhouse gas emissions by 50-55% compared to 1990. The program envisages a wide range of climate protection measures and the transformation of the EU into a “climate neutral zone” by 2050, ie with zero emissions of climate-friendly gases.


Leave a comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.