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Thu, 23 Jan 2020 06:27 GMT

EU to Launch €1 Trillion 'Green Deal'


7Dnews London

Tue, 14 Jan 2020 16:23 GMT

Climate crisis is top of the European’s Union’s list of issues to tackle, as the EU plans to dedicate a quarter of its budget to tackling climate change and was set to unveil The European Commission’s Investment Plan (EC IPE) on Tuesday January 14th, which is a scheme shifting €1 trillion in investment to making the economy more environmentally friendly.

The EC IPE will be sourced from public funds and leveraged by private sector money, with the goal of making impactful, environmentally friendly changes over the next ten years. According to AP, it aims to deliver on European Commission President Ursula von der Leyen’s“Green Deal” to make the bloc the world’s first carbon-neutral continent by 2050.

Europe's "Green Deal" as a whole is an ambitious rethinking of economy, transport and energy sectors, hoping to turn the EU into a leading inspiration in the fight against global warming.

The EC IPE will include a mechanism designed to help the regions most affected by the transition to cleaner industries, although all EU member states will still be entitled to subsidies.

AFP warned, however, that a number of complicated problems still have to be worked out, for example how to set coal-dependent EU regions like Poland, the Czech Republic, and parts of Germany, on the path of renewable energy.

New Commission president von der Leyen, only took office in December, and has made the fight against climate the priority of her mandate.

The plan’s reveal on Tuesday was scheduled for a sitting of the European Parliament in the French city of Strasbourg.