European Green Deal: The European Commission unveils €1 trillion plan to make EU carbon neutral by 2050

In January 15th, Brussels unveiled its financial plan for moving to a green economy and making the EU climate neutral. In fact, it represents a vast policy program aimed at protecting the environment and climate, that will make Europe the first climate neutral continent by 2050.

The EU acknowledges that becoming the world’s first climate-neutral continent by 2050 is the greatest challenge and opportunity of our times. This most ambitious package of measures should enable European citizens and businesses to benefit from sustainable green transition. Above all, the European Green Deal sets a path for a transition that is just and socially fair, as well as an effective transition towards carbon neutrality.

One key element of the Green Deal is a proposal by next March for a European Climate Law. The package of measures of the Green Deal will reportedly overhaul the entire European legislation and establish a transition fund of 100 billion euros.

Despite critics that alert that the program is not enough to change the energy, mobility, housing and food systems – especially as regards the targeted greenhouse gas emissions reduction, the European Commission is proposing to reduce greenhouse gas emissions by 50 to 55% by 2030, compared with 40% currently, and achieving carbon neutrality by 2050, while promoting green growth.