The EU has to spend 40% of its budget to reduce carbon emissions

The European Union (EU) has to allocate 40% of its budget to reduce carbon emissions in all areas of the economy, according to the European Economic and Social Committee (EESC). If the EU wants to achieve a low-carbon green economy, it will have to devote a significant part of its budget to combating harmful emissions.

According to EESC, the bloc has to spend some 200 billion EUR per year on its investment schemes to address technological improvements and infrastructure changes.

The EU must “mobilize” more than 1 trillion EUR for the period 2021-2027 with the idea of ​​putting the bloc on the road to achieving a low-carbon economy.

The EESC refers to the International Panel on Climate Change (IPCC) recent report, which states that rising global temperatures above 1.5 degrees Celsius will lead to a number of worrying consequences that can only be avoided if the world makes a major investment the fight against warming.

“The next international financial framework for the period 2021-2027 should focus on achieving the goals of a qualitative transformation towards a low-carbon economy by 2050”, says EESC.

According to data from the Forum Energii, the coal represents 78.4% of Poland’s energy mix, which hosts the UN Conference on Climate Change in Katowice.

Rising carbon price quotations around the world are continuing to gain momentum, and so far it seems to be the key strategy for engaging business and industry with climate change and moving to a green economy.

The cost of these measures reached 52 billion USD in 2017, with a growth of 7% compared to 2016.