MOSCOW (Pakistan Point News / Sputnik - 09th November, 2021) The European Commission believes that $600 billion additional investments over 10 years will be required for the successful implementation of the green economy and the use of eco-friendly methods of energy production, Paolo Gentiloni, European Commissioner for the Economy said on Monday.
In 2019, the commission adopted the so-called European Green Deal, which aims to cut carbon emissions and build a resource-efficient and eco-friendly economy.
"We estimate the additional need in investment for green transition in 520 billion Euros ($600 billion) in next 10 years," Gentiloni said in a press conference following the Eurogroup meeting.
The EU is working to diversify its energy sources, including renewables, especially after what can be called the most significant gas price spikes that European economies, damaged by the COVID-19 pandemic, have seen in recent decades. According to the EC's Executive Vice-President for the European Green Deal, Frans Timmermans, the crisis, which emerged as a result of Europe's dependency on fossil fuels and natural gas, has not affected green energy sources, as their prices "have stayed low and stable."
