A shift to a less-polluting economy requires significant investment. The EU wants to attract more private money as public funds are insufficient.
The EU needs about €180 billion a year of additional investment in energy efficiency and renewable energy to cut carbon emissions 40% by 2030. Even more is needed to achieve carbon neutrality by 2050.
Some investment in climate and environment projects comes from the EU budget. For example, about 20% of the 2019 budget of €165.8bn is related to tackling climate change. The European Parliament wants to increase this share of the budget to 30%.
How does the EU attract private green investment?
Public money is not enough for the amount of green investment that is needed, which is why the EU is working to attract private investment. Billions have already been mobilised through the European Fund for Strategic Investments and European Investment Bank (EIB) loans, and the share of money earmarked for climate projects is set to increase.
The EIB’s role in financing climate-friendly projects has increased. In her speech in Parliament in July, Ursula von der Leyen, the future president of the European Commission, said she would propose increasing it further by turning parts of the EIB into Europe’s climate bank. How to get the EIB more involved in green projects will be discussed by MEPs on Wednesday 9 October.
The Parliament and the Council are also discussing new rules on sustainable investment that would act as a guide to investors, businesses and policy makers on what economic activities and investments should be considered as green.
Water management: Commission consults to update lists of pollutants affecting surface and ground water
The Commission has launched an online public consultation to seek views on the upcoming review of the lists of pollutants occurring in surface and ground waters, as well as on corresponding regulatory standards. This initiative is particularly important for implementing the recently adopted Zero Pollution Action Plan as part of the European Green Deal, and wider efforts to secure the more efficient and safer use of water.
Environment, Oceans and Fisheries Commissioner Virginijus Sinkevičius said: “All Europeans should benefit from clean water. Ensuring good quality of surface and groundwater in Europe is paramount for human health and for the environment. Pollution caused by pesticides, manmade chemicals or from residues of pharmaceuticals must be avoided as much as possible. We want to hear your views on how this can best be achieved.”
A recent evaluation (‘fitness check') in December 2019, found EU water legislation to be broadly fit for purpose. However, improvement is needed on aspects such as investment, implementing rules, integrating water objectives into other policies, administrative simplification and digitalisation. This revision aims to address some of the shortcomings in relation to chemical pollution and the legal obligation to regularly review the lists of pollutants, as well as to help accelerate implementation. The public consultation is open for feedback until 1 November 2021. More information is in this news release.
EU invests €122 million in innovative projects to decarbonize the economy
For the first time since the creation of the Innovation Fund, the European Union is investing €118 million into 32 small innovative projects located in 14 EU member states, Iceland and Norway. The grants will support projects aiming to bring low-carbon technologies to the market in energy intensive industries, hydrogen, energy storage and renewable energy. In addition to these grants, 15 projects located in 10 EU member states and Norway will benefit from project development assistance worth up to €4.4 million, with the aim of advancing their maturity.
Executive Vice President Timmermans said: “With today's investment, the EU is giving concrete support to clean tech projects all over Europe to scale up technological solutions that can help reach climate neutrality by 2050. The increase of the Innovation Fund proposed in the Fit for 55 Package will enable the EU to support even more projects in the future, speed them up, and bring them to the market as quickly as possible.”
A press release is available online.
Cars and pavements washed away as Belgian town hit by worst floods in decades
The southern Belgian town of Dinant was hit by the heaviest floods in decades on Saturday (24 July) after a two-hour thunderstorm turned streets into torrential streams that washed away cars and pavements but did not kill anyone, writes Jan Strupczewski, Reuters.
Dinant was spared the deadly floods 10 days ago that killed 37 people in southeast Belgium and many more in Germany, but the violence of Saturday's storm surprised many.
"I have been living in Dinant for 57 years, and I've never seen anything like that," Richard Fournaux, the former mayor of the town on the Meuse river and birthplace of the 19th century inventor of the saxophone, Adolphe Sax, said on social media.
Rainwater gushing down steep streets swept away dozens of cars, piling them in a heap at a crossing, and washed away cobbles stones, pavements and whole sections of tarmac as inhabitants watched in horror from windows.
There was no precise estimate of the damage, with town authorities predicting only that it would be "significant", according to Belgian RTL TV.
The storm wreaked similar havoc, also with no loss of life, in the small town of Anhee a few kilometres north of Dinant.
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