EU Needs to Invest an Extra €700 Billion a Year for Green Shift
- Figure marks dramatic increase in costs for climate transition
- Draft report lays out EU’s challenges in ramping up financing
The EU has earmarked €578 billion for climate-related action from 2021 to 2027.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
The European Union must invest an additional €700 billion ($763 billion) a year if it’s to green the economy and shut out cheap Russian fossil fuels, according to a draft report from the bloc’s executive arm.
Most of that figure will have to be privately sourced, the European Commission said in the draft seen by Bloomberg News. The vast sum — significantly higher than that proposed by Commission President Ursula von der Leyen less than two years ago — underlines the escalating costs of reaching net zero goals.