The EU’s new green plan to achieve carbon neutrality
The European Commission revealed a new green financial plan on July 6 to meet its 2030 goal of cutting emissions by 55% across EU member states. The European Union body will need to raise €350 billion ($414 billion) a year to promote the use of natural gas over coal for power generation and push financial institutions to go green. Achieving the 55% cut in emissions will be a major step toward achieving carbon neutrality by the middle of the century as proposed in recent climate agreements.
What will be the main power sources?
European Commission Vice President Valdis Dombrovskis said on July 6 that natural gas and nuclear energy could be the “decarbonization pathways”that start to replace heavily polluting coal-fired power stations. “For member states which need to quickly phase out coal, which is much more polluting, often natural gas can provide the fastest and most cost-efficient alternative,” he said. “Indeed, it’s only about transition. So, actually, also natural gas will have to be phased out,” Dombrovskis added.
Although natural gas is a fossil fuel, too, it is less polluting and more readily available than oil. Nuclear power produces few emissions, but its waste is highly toxic and difficult to store.
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