Research by a group of Green EU lawmakers says that the European Union needs to invest 1.5 trillion euros (about $1.6 trillion) every year to achieve its goal of reaching net zero carbon emissions by 2050.
The European Commission is expected to propose slashing 90% of net emissions by 2040, compared to 1990 levels.
To fund this, the research suggests redirecting existing spending, particularly from activities that contribute to pollution.
This would involve moving away from things like traditional cars, fossil fuel production, and new airports, and instead investing more in public transport, renovating buildings, and expanding renewable energy sources.
Philippe Lamberts, Co-President of the Green Lawmakers group in the European Parliament said, “Much of the money needed is out there, but we need massive divestment from climate-killing projects.”
Some governments are resisting the EU’s plans to go green because they believe it will be expensive. In France, farmers who are unhappy with certain environmental rules set by the EU are protesting and asking for those rules to be loosened.
Additionally, based on surveys by Reuters, if more politicians from populist and right-wing parties are elected in the EU, it might become more challenging to pass strong climate policies because these parties tend to be less supportive of ambitious environmental measures.