This EU strategy aims to achieve climate neutrality by 2050.
The environmental health of the planet is at stake, and aware of its importance the European Union launched a key strategy to protect it, the European Green Deal at the end of 2019. This week was World Climate Change Day, so it seems a great occasion to take a closer look at this initiative.
The European Green Deal is the materialisation of the commitments made in the 2015 Paris Agreement, and underlines the need for all European sectors to contribute to climate change, with initiatives covering climate, environment, industry, transport, energy, agriculture, sustainable finance and more.
Eight main blocks in the European Green Deal
The package of policy initiatives that put the EU on the path to a green transition includes a wide range of measures and is structured around eight main blocks:
· Sustainable and intelligent mobility.
· Clean, secure and affordable energy supply.
· Climate neutrality by 2050.
· Sustainable and circular industry.
· Energy and resource efficiency.
· ‘From Farm to fork Strategy’, with healthy food in short circuits.
· Care for ecosystems and biodiversity.
· The total elimination of toxic substances.
One of the most important recent initiatives of the European Green Deal is Fit for 55, a set of proposals to revise legislation related to climate, transport and energy (if you are interested in knowing more about it you can read the article we published here).
How is this strategy financed?
The European Commission’s green commitment is very strong, and so is the budget allocated to it. It has created the Green Deal Investment Plan (EGDIP), which mobilises 25% of the EU budget to finance environmental and climate objectives between 2021 and 2027, one trillion euros.
It will also earmark 30% of InvestEU funds for climate change projects.
And finally, the Commission has decided to stimulate green investment with the support of the European Investment Bank, which will direct 50% of its investments to climate-related actions.
Not all regions of the European Union can face this challenge in the same way, and to avoid inequalities, the Just Transition Mechanism has been created, which will make the impact of the green transition more bearable for these regions.
The strategy is well defined, it now remains to be seen whether each member state will adopt it as a priority and fight to make it effective.