The deal enters the area of trade with gusto, going beyond the scope of previous climate policies
climate talks. But the big news was unfolding far away in Brussels, where the European Commission’s new president, Ursula von der Leyen, barely 11 days in office, announced her eagerly awaited Green Deal. The 24-page document reads like a list of vows to transform Europe into a living demonstration of how a vast economy can both prosper and prioritise the health of the planet.
That last point makes the Green Deal’s second headline statement, regarding a nearer-term 2030 target, rather more significant. By summer 2020 the commission intends to present a plan to reduce emissions in 2030 by 50-55% from 1990 levels. This represents a step up from its existing target of cutting emissions by 40% within the same time frame , but independent analyses suggest that the 50% end of the range will not represent much of a stretch.
Another lever is the European Investment Bank, a development bank with about €550bn on its balance-sheet, which is to be transformed into a climate bank. Already it has pledged to phase out financing fossil fuels by 2021. By 2025 Werner Hoyer, its boss, wants 50% of its lending to go to green projects, up from 28% today, and the rest to go to investments aligned with climate-change goals. Some of that money will flow into a “just transition” fund, worth €100bn over seven years.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Yuan and Aussie off four-month high, sterling ticks upThe Chinese yuan and the Australian dollar hovered below four-month highs touche...
Read more »
Here the full list of everything covered by Trump's phase-one trade deal with China | Markets InsiderPresident Donald Trump unveiled an interim trade agreement with China last week, marking a major de-escalation in trade tensions in the glob...
Read more »
Trump's promise of 'tremendous' trade deal with China still out of reachFinalizing a broader trade deal between the world's two largest economies has proven tough, with China demanding the U.S. remove some tariffs and Trump pushing Beijing to enact measures on intellectual property and the forced transfer of technology.
Read more »
European stocks set to climb as 'phase one' trade deal boosts sentimentEuropean stocks were set to open higher Monday after the U.S. and China agreed a 'phase one' trade deal, though investors are likely to remain cautious with some details remaining unclear.
Read more »
17 Chic AF Plus-Size Dresses You Can Snag at Seasonal SalesWe love a good seasonal sale.
Read more »
Boris Johnson Moves to Boycott BBC Following Election WinBoris Johnson's newly-elected U.K. government has pulled its ministers from the BBC's flagship radio news show 'Today.' Full details:
Read more »