Europe's new Green Deal hit the target

The European Union is about to implement the most ambitious push against climate change in the world, with a radical overhaul of its economy.

 

At a summit in Brussels next week, EU leaders will commit to cut greenhouse-gas emissions to zero by 2050, according to a draft of their joint statement for the Dec. 12-13 meeting. To enable this the European Union will encourage more green investment and adjust all of its policies accordingly.

“If our common goal is to be a climate-neutral continent in 2050, we have to act now,” Ursula von der Leyen, president of the European Commission, told a United Nations climate conference on Monday. “It’s a generational transition we have to go through.”

The commission, the EU’s regulatory arm, will have the job of drafting the rules that would transform the European economy once national leaders have signed off on the climate goals for 2050.

The main topics in the planned commitment:

  • Easing restrictions on state aid for companies
  • Changing public procurement rules
  • Considering more ambitious targets for 2030 emissions cuts
  • Penalizing imports from countries with looser emissions controls
  • European Investment Bank to mobilize 1 trillion euros ($1.1 trillion) in climate financing over the next decade

The plan is set to be approved at the United Nations summit in Madrid, and would put the EU ahead of other major emitters. Countries including China, India and Japan have yet to translate voluntary pledges under the 2015 Paris climate accord into binding national measures and current U.S. President Donald Trump has said he’ll pull the U.S. out of the Paris agreement.

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