The new European Commission President Ursula von der Leyen announced the European Green Deal on the 11th of December.
The overarching ambition of the Green Deal is to make Europe the world’s first climate-neutral continent by 2050. One of the main tools to do this is by a ‘Climate Law’ proposal, due in March 2020. The aim is to update the EU’s climate ambition already for 2030, with a 50-55% cut in greenhouse gas emissions to replace the current 40% objective.
With the Green Deal, the aim is to invest in green technologies, sustainable solutions and new business in order for to follow an ambition to make Europe the front-runner in climate friendly industries and clean technologies.
The programme is divided into seven subareas: clean energy, sustainable industry, building and renovating, sustainable mobility, biodiversity, from farm to fork, eliminating pollution.
As part of the programme and to help with its implementation, the Commission will present a ‘Sustainable Europe Investment Plan’ to help meet the financing needs. The Investment Plan combines dedicated financing to support sustainable investments, and proposals for an improved enabling framework that is conducive to green investment.
One part of the plan is to propose a ‘Just Transition Mechanism’, which is aimed to help regions and sectors most affected by the transition. The aim is to mobilise €100bn funding from the EU’s Regional Development Fund and the Social Fund, from the InvestEU programme and EIB funding coming from the bank’s own capital.