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| Thu, 21st May 2020 14:31:00 |
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Europe Set To Unveil Its $500 Billion 'Green Deal' |
The European Union is set to launch a down payment on a Green New Deal.
As the world slips into a deep economic recession – and some indicators are as bad as the Great Depression – trillions of dollars are flowing in the form of government stimulus. To date, much of that has been aimed at re-inflating the pre-pandemic economy, particularly in the United States. In fact, the Trump administration has been going further, dealing out benefits to oil and gas while slapping fees retroactively on renewable energy.
There has been quite a bit of talk about green stimulus in recent months, and not just from environmental groups. The IMF and the IEA have both said that macroeconomic recovery should be done with the climate change in mind, and green stimulus checks multiple boxes at once. Even top global corporations have said the same. A coalition of 150 companies worth a combined $2.4 trillion recently signed a statement calling on governments to ensure their pandemic response is "grounded in bold climate action."
On May 27, the European Commission will unveil details on its "Green Deal" strategy, which will offer a green economic recovery package while at the same time put some meat on the bones of the EU's aim to reach net zero emissions by 2050.
Specifically, the plan will propose a "recovery instrument" worth a half-a-trillion euros, according to Bloomberg, which obtained a copy of the draft document. Of that, between 60 and 80 billion euros would be aimed at boosting EV sales and building out EV recharging networks. EVs would be exempted from the VAT. Another 91 billion euros would go to retrofitting existing buildings. 10 billion euros would go to renewable energy projects. Around 30 billion euros would be funneled into technologies to cut emissions in sectors where it has been exceptionally difficult to do so, such as steel and cement.
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