EU Leaders At COP25 Endorse New 'European Green Deal,' Urge Other Countries To Join

EU Leaders at COP25 Endorse New 'European Green Deal,' Urge Other Countries to Join

The leaders of the European Union attending the 25th UN Climate Change Conference (COP25) in Spain called upon the countries outside the region to adopt the newly proposed European Green Deal and commit themselves to a net-zero carbon emissions goal by 2050

MADRID (Pakistan Point News / Sputnik - 02nd December, 2019) The leaders of the European Union attending the 25th UN Climate Change Conference (COP25) in Spain called upon the countries outside the region to adopt the newly proposed European Green Deal and commit themselves to a net-zero carbon emissions goal by 2050.

The so-called European Green Deal is draft legislation on radical reforms in the economy, energy and transport sectors that would nullify carbon emissions by 2050. The shift to carbon neutrality will cost the EU an estimated 3 trillion euros ($3.3 trillion). While Brussels pledged to cover one-third of all expenses, the rest is supposed to be paid by the European Investment Bank (EIB) and countries themselves.

"This transition must work for all, or it will not work at all. With a just investment fund put forward by the European Commission, we will have to make sure that we help those who will have to take a bigger step and leave no one behind," European Commission President Ursula von der Leyen said, adding that "Europeans are ready to contribute with their European Green Deal to a global green deal."

She noted that while the costs associated with the shift might seem high to some, "we should always keep in mind how much more it would cost if we do not act now." She then revealed plans to introduce a new law in March that would become the first-ever European legislation on climate neutrality and make the transition to green irreversible.

European Council President Charles Michel, in turn, called the new initiative a "ceasefire and even a peace treaty with nature," and stressed his determination to make Europe the first climate-neutral continent on the planet.

He also commended the EIB for its commitment to provide a trillion euros by 2030 to projects that fight climate change. Additionally, the bank will stop financing projects that use fossil fuels.

French Prime Minister Edouard Philippe opined that the international community is "lagging behind" in solving environmental challenges and it is because "we are not doing enough and quickly enough." The solution is to set clear goals and deadlines, he added.

Portuguese Prime Minister Antonio Costa emphasized in his speech the financial aspect of the question, saying that green does not mean expensive. According to him, 54 percent of energy in Portugal is renewable and does not cost the country any more than before, potentially costing even less. He said that Portugal aimed to shift to 80 percent renewables by 2030.

The COP25 began earlier in the day in the Spanish capital and will run through December 13. The agenda is focused on the goals outlined in the 2015 Paris Climate Agreement.