On 11 December 2019 the European Commission published a communication (a nonbinding document) and launched the European Green Deal – a roadmap for making the EU’s economy sustainable.
The European Green Deal is the new growth strategy set by the newly appointed European Commission for the coming years. It is seen as a way to improve the health and well-being of our people by transforming the European economic model.
It provides a roadmap with actions to boost the efficient use of resources by moving to a clean, and circular economy stopping climate change, revert biodiversity loss and cuting pollution. It outlines investments needed and financing tools available and explains how to ensure a just and inclusive transition. In other words, it aims at stimulating growth, tackling climate change and combating rising inequality.
A green direction will mean redesigning all EU instruments, including those used by the European Central Bank and financial regulators, the European Investment Bank, structural funds, investment funds and funds for small and medium-sized enterprises. The “mission-oriented” can help create coherence between such policies and put the public good at the centre of economic growth.
To set into legislation the political ambition of being the world’s first climate neutral continent by 2050, the European Commission will present in the coming months the first ‘European Climate Law’ by March 2020. In addition to introducing more ambitious emissions targets, the plan seeks to drive policy reforms to make Europe the frontrunner in climate-friendly industries, green technologies and green financing.