EU recovery fund leaves €1.6 trillion investment gap towards climate targets, experts say

(EurActiv, 22 Jun 2020) Calculations by experts now show that the EU’s planned economic rescue package, worth €750 billion, is nowhere near enough to achieve the bloc’s climate targets. Even in the best-case scenario, only one-third of the costs would be covered. EURACTIV Germany reports.

EU leaders discussed a massive €750 billion rescue package on Friday (19 June), which should be made available to member states to help them revive the economy and achieve the EU’s climate goals.

However, as an unpublished analysis by the consultancy Climate & Company and the German think tank Agora Energiewende shows, the programme has huge gaps: some 2.44 trillion are missing to mobilise the necessary investments to achieve the EU climate targets.

At present, the targets stipulate that the EU must reduce its CO2 emissions by 40% by 2030 compared to 1990. If the target is raised to 50% or 55% as planned, the investment requirement would even rise to over €3 trillion.

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EurActiv, 22 Jun 2020: EU recovery fund leaves €1.6 trillion investment gap towards climate targets, experts say