Eight EU countries have asked heads of fellow member states to cut greenhouse gas emissions to a net-zero level by 2050 and dedicate 25 per cent of the bloc’s next seven-year budget to projects fighting climate change. Belgium, Denmark, France, Luxembourg, the Netherlands, Portugal, Spain and Sweden have asked EU members to set three ambitious goals for action on climate change. EU leaders meet in Sibiu, Romania, this week. The paper put out by the eight nations, seen by the Financial Times, said “at least 25 per cent of the spending should go to projects aimed at fighting against climate change . . . As a general principle, the EU budget should not finance any policy detrimental to this objective.” Net-zero emission is when the amount of carbon dioxide released on an annual basis is zero or negative. The nations that put out the paper said “an ambitious and cost-effective transition . . . can go hand in hand with prosperity and quality of life” and provide security to public and private investors, cutting the costs of shifting to a carbon-neutral economy.
FT 7th May 2019 read more »