EU to Support 1 Trillion Euros of Investment for Sustainable Climate Dev't

Ena  December 12/2019 European Union will support 1 trillion Euros for investment in mitigating the ever growing climate change effect over the next decade, the commission revealed.

According to a press release sent to ENA today, European Commission President von der Leyen said Europe has planned to become the first climate-neutral continent by 2050, slowing down global warming and mitigating its effects.

He pointed out that “what European businesses and change-makers need from us is easy access to financing. To pull this off, we will deliver a Sustainable Europe Investment Plan. It will support 1 trillion Euros of investment over the next decade. We will work hand in hand with the European Investment Bank, Europe’s climate bank.”

The president revealed that next March, the commission will propose the first-ever European Climate Law to chart the way ahead and make it irreversible: investors, innovators and entrepreneurs need clear rules to plan their long-term investments.

Noting that forests burn from America to Australia and desserts are advancing across Africa and Asia, the union has been pulling changes to deliver a Sustainable Europe Investment Plan, he added.

Mankind has seen such phenomena before, the president said, adding that but never at this speed. He stated that Ethiopia, for instance, is experiencing untimely rain recently.

“In addition to climate-induced drought often witnessed, Ethiopia is currently experiencing untimely rain which compromises its harvesting season. Science tells us that we can still stop this epidemic, but we are running out of time,” Leyen stressed.

The president also appreciated Ethiopia’s effort as part of this European and global movement for climate.

“Last year, Ethiopia reported to have planted more than 350 million trees in 12 hours, beating world record and a comprehensive 4 billion trees during the year.”

According to him, nine European citizens out of ten ask for decisive climate action saying “We will work hand in hand with the European Investment Bank, Europe’s climate bank for Europe and a contribution for a better world.”