December 04, 2019
Towards a European green new deal
Bloomberg has seen a draft resolution for the European Council to be held next week in Brussels, which would set out more ambitious climate goals for the EU and propose a number of important policy changes. If the member states can agree to such a package, it would put all three EU political institutions on a path to carbon neutrality by 2050, for instance. This is therefore an important potential development, even if one needs to take leaked drafts of council conclusions with a large pinch of salt.
According to Bloomberg, these are the main features of the proposed statement:
- more ambitious intermediate emission targets - a 2030 target of 50-55% reductions relative to 1990 compared with a current target of 40%;
- easing of state aid rules;
- changing public procurement rules away from an exclusive emphasis on level-playing field;
- penalising imports from countries with looser emissions controls;
- €1tr in climate financing through the European Investment Bank over 10 years.