European Commissioner Paolo Gentiloni: EU will not be able to move to a green economy by 2025
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The European Union will not be able to make the transition to a green economy by 2025. European Commissioner for Economic Affairs Paolo Gentiloni spoke about the disruption of plans to save the planet, according to the Frankfurter Allgemeine Zeitung.
Gentiloni said that the transition to a green economy will require significant investments: in 2022, significant funds will be allocated from the EU's new generation special fund intended for the recovery of countries after the pandemic, but this amount is still not enough for a successful transformation. Gentiloni estimated the cost of the transition over the next ten years at 550 billion euros per year. He noted that the fund will expire in a few years, so the transition to a green economy will not be completed by 2025.
The need for additional investments in climate projects of the EU has already been announced by the President of the European Commission, Ursula von der Leyen. She stressed that 30 percent of the funds of the EU New Generation Fund will be directed to the transition of the European Union to a green economy.
Earlier in December, financial analysts Mikhail Belyaev said that Russia needs to move to green energy, otherwise the country could be left on the sidelines of the developed world. The economist stressed that the green agenda is now very multifaceted and implies, first of all, scientific and technological development.
