1000 billion euros
The new EU President of the European Commission said she wanted to present a plan called The Green Deal that would cost 1000 billion euros over the next decade in order reduce the European Union’s (EU) greenhouse gas emissions by 55% by 2030 compared to 1990.
According to Ursula Von der Leyen, “The European Green Deal is Europe’s new growth strategy. It will reduce emissions while creating jobs and improving our quality of life. To do that, we need investments…. To do that, we will come up with a plan.”
Von der Leyen also announced a European climate law slated March 2020 which would make the transition to carbon neutrality… “irreversible”.
She added: “If some people talk about costs, we should always keep in mind the extra costs if we do not act now.”
Up to 300 billion euros per year
Frans Timmermans, Executive Vice-President of this Commission in charge of the Green Deal, told a press conference in Brussels that these investments would be “a combination of public money, loans and private money” estimated to run as high and 300 billion euros per year.
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