EC intends to allocate € 1 trillion by 2030 for the EU's transition to a green economy

The European Commission will allocate at least € 1 trillion until 2030 for the implementation of the EU's climate policy, said European Commissioner for Economic Affairs Paolo Gentiloni.

“All the actions that need to be taken for a successful transition to a greener economy require huge investments ... The European Commission has pledged at least € 1 trillion in investments by 2030 to fund the Green Deal,” he said.

The so-called "Green Deal" is a project of the European Commission to restructure the European Union in such a way that it has less negative impact on the environment.

The head of the European Commission, Ursula von der Leyen, believes that the European Union, against the background of the current surge in energy prices, needs to accelerate climate reforms in order to become more independent in the energy sector.

The EU authorities earlier agreed that by the middle of the century the region should become climate neutral - when the final volume of greenhouse gas emissions into the atmosphere should become zero. Climate neutrality can be achieved by reducing emissions and applying technologies for capturing and storing harmful gases.

Moving towards climate neutrality will require a restructuring of energy production and consumption, significant reductions in greenhouse gas emissions by various sectors of the economy, a reduction in the use of fossil fuels and an increase in renewable energy consumption, as well as trillions of euros in investment.