EU To Propose One Trillion-euro Plan To Make The Continent Carbon Neutral

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European Commission on Tuesday will propose a plan on how the EU is planning to shift its economy to zero Co2 emission by 2050 while protecting its industries

Written By Vishal Tiwari | Mumbai | Updated On:
EU

The European Commission on Tuesday will propose a plan on how the EU is planning to shift its economy to zero Co2 emission by 2050 while protecting industries depend heavily on coal. EU's executive arm, the European Commission will unveil a plan as to how it will mobilise investment of 1 trillion euros over the next 10 years to help finance its flagship program, the European Green Deal. 

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European Green Deal

All the 28 European Union countries except Poland have agreed to abide by the Green Deal and transform their economies over the next 30 years. Poland argued that the country's energy system and the economy are too dependent on coal to make the transition over the next 30 years.

The commission on Tuesday will unveil the details of how it can help regions dependent entirely on coal and lignite financially through a Just Transition Fund. The fund aims to generate 100 billion euros over the next seven years and it will favour countries like Poland and Siberia, which are highly dependent on coal for energy. 

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The European Union is planning to become the world's first climate-neutral continent by 2050 and to achieve this, the European Commission presented the Green Deal, the most ambitious package of measures that should enable European citizens and businesses to benefit from the sustainable green transition.

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"Supported by investments in green technologies, sustainable solutions and new businesses, the Green Deal can be a new EU growth strategy. The involvement and commitment of the public and of all stakeholders is crucial to its success. Above all, the European Green Deal sets a path for a transition that is just and socially fair. It is designed in such a way as to leave no individual or region behind in the great transformation ahead," said European Union on its website. 

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