Environment: in Europe, there is a lack of money for climate action

2024-02-21T13:11:07.780Z

Highlights: To act against global warming, the European Union (EU) has set ambitious objectives for 2030: reducing its greenhouse gas emissions by 55% compared to the level of 1990. But to achieve this ambitious objective, there is a huge lack of money according to an analysis by the Institute of Economics for the Climate. According to the Economic Institute for Climate, at least 813 billion euros would be needed each year until 2030. So where to find the money? Given the scale of the sums to be released, the private and public will have to put their hands in their pockets.

To act against global warming, the European Union (EU) has set ambitious objectives for 2030: reducing its greenhouse gas emissions by 55% compared to the level…

Environment: in Europe, there is a lack of money for climate action

To act against global warming, the European Union (EU) has set ambitious objectives for 2030: to reduce its greenhouse gas emissions by 55% compared to the 1990 level, while ensuring its energy independence and affordable energy for all. But to achieve this ambitious objective, there is a huge lack of money according to an analysis by the Institute of Economics for the Climate published Tuesday February 20.

Mobilization of young French people for the climate, February 15, 2019 (illustrative image). JACQUES DEMARTHON / AFP

By: RFI Follow

Between 2021 and 2022, climate

investments

increased by 9% in the

European Union

, reaching 407 billion euros in 2022. The money released for solar panels and electric cars has notably increased significantly. Investments in heat pumps have even doubled.

Despite everything, this remains largely insufficient, given the ambitions that the Twenty-Seven have set for themselves. Because, according to

the Economic Institute for Climate

, at least 813 billion euros would be needed each year until 2030. In other words, investments would have to be doubled each year.

The risk of a slowdown in investment

So where to find the money? Given the scale of the sums to be released, the private and public will have to put their hands in their pockets. But, between the protests of farmers throughout Europe in the face of particularly environmental standards and the reductions in green financing, announced - for example - in France a few days ago or in Sweden for several months, the risk is rather to see environmental policies mark time.

Additional risk: that the European Union falls behind on its program, but also in relation to the other major world powers, the United States and China, which are making great strides.

Read alsoRecord drop in coal, gas and CO2 emissions within the European Union in 2023

Environment: in Europe, there is a lack of money for climate action

Environment: in Europe, there is a lack of money for climate action

The risk of a slowdown in investment

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