Europe is to be the first continent to become climate neutral by 2050, i.e. to reduce net emissions of greenhouse gases to zero. The financial markets must also become sustainable for this.
The goal is clearly defined: Europe will be the first continent to be climate-neutral by 2050 - Austria, according to the goals set in the government program, even by 2040. This means that the CO2 balance should then be a green zero. In the next 30 years, a modern, resource-efficient and competitive economy must be built that decouples its growth from the use of resources and at the same time does not exclude anyone.
The way there seems utopian to many. And the starting situation is not terribly favorable either. In 2019 Austria alone emitted 72 million tons of CO2, the EU-27 countries together around 3.61 billion tons
Nevertheless: The goal of decarbonization presented on December 11, 2019 should definitely be achieved - almost at any price. And the climate change in the economy should also lead out of the Corona crisis: A third of the investments from the NextGenerationEU development package and the EU's seven-year budget with a total of 1.8 trillion euros will go into the Green Deal.
To finance the numerous, often gigantic projects, the EU will issue numerous green bonds. Investors can invest in it and benefit from the green transition.
What the money is needed for - the cornerstones of the Green Deal
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Reshaping the economy and society
All 27 EU member states have committed to making the EU the first climate-neutral continent by 2050. To this end, it was agreed to reduce greenhouse gas emissions by at least 55 percent by 2030 compared to 1990 levels.
This opens up new opportunities for innovation and investment, job creation and sustainable growth, reducing dependence on third countries and improving health and living conditions. Fighting inequality and energy poverty also helps disadvantaged citizens. The competitiveness of European companies will also be strengthened.
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Sustainable design of transport
Environmentally friendly, intelligent mobility should create a clean, affordable transport system that is also accessible in remote regions. By 2030, total car emissions are to be reduced by 55 percent and truck emissions by 50 percent. New cars should be emission-free by 2035.
One means of achieving these goals is through carbon taxation. From 2026, road traffic will fall under the emissions trading system, which means that traffic will be charged for the costs of environmental pollution.
Subsequently, there will also be CO2 pricing for air and shipping traffic, thus promoting the development and use of CO2-neutral fuels and drives.
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Third industrial revolution
The ecological change will create new markets for clean technologies and products and thus open up new opportunities for business and industry. In the EU, around 35 million buildings could be refurbished by 2030, which could create an estimated 160,000 additional green jobs - with an increasing need for local jobs. The member states should renovate at least three percent of their public buildings every year
Over a period of seven years, 72.2 billion euros will be made available for the renovation of buildings, access to zero-emission and low-emission mobility and also for income support.
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Clean energy system
In order for the emission targets for greenhouse gas to be achieved, on the one hand, the share of renewable energy must be massively increased at EU level - the benchmark for this is 40 percent by 2030 - but, at the same time, further energy-saving measures must be taken. Final energy and primary energy consumption is to be reduced by 36 to 39 percent by 2030.
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Revitalization of nature and protection of biodiversity
The restoration of nature, afforestation and protection and revitalization of forests, wetlands and peat areas and biodiversity are among the fastest and cheapest ways of promoting natural CO2 reduction and thus counteracting climate change. The goal is to achieve an annual natural CO2 reduction of 310 million tons.
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Promotion of global climate protection measures
Climate protection and the EU's climate protection programs do not stop at the EU's external borders. A third of the world's public funding for climate protection comes from the EU and its member states. With investments in technologies for renewable energies, for example, know-how is built up and products are developed that help to curb climate change worldwide.
