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According to Brussels, the European Union (EU) will have to invest €1.5 trillion (~$1.63 trillion) every year between 2031 and 2050 in order to reach net zero emissions.
The spending plans also include the goal of reducing greenhouse gas (GHG) emissions by 90% by 2040, as reported by the Financial Times.
These plans are part of a draft document by the European Commission, which argues that the staggering investment will actually save the EU money, as succeeding in limiting rising temperatures may prevent €2.4 trillion (~$2.6 trillion) in economic losses and will save €2.8 trillion (~$3 trillion) in fossil fuel imports.
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Read the full post at Carbon Herald.
