Top climate adviser: France's green funding must increase by €60bn ... - EURACTIV
Top climate adviser: France’s green funding must increase by €60bn a year - EURACTIV.com
By Hugo Struna and Paul Messad | EURACTIV France | translated by Daniel Eck Est. 4min 05-10-2023 (updated: 05-10-2023 ) Content-Type: News, Q&A News Based on facts, either observed and verified directly by the reporter, or reported and verified from knowledgeable sources.Q&A A QAPage is a WebPage focussed on a specific Question and its Answer(s), e.g. in a question answering site or documenting Frequently Asked Questions "Member states now have to set a planned annual trajectory, and the funding has to be there," said Corinne Le Quéré. [Steve FORREST/PANOS-REA/ Caisse des Dépôts.] EURACTIV is part of the Trust Project >>> Languages: Français | DeutschPrint Email Facebook Twitter LinkedIn WhatsApp Telegram The EU can no longer be content to legislate and regulate, or else consumers will be the ones bearing the cost of the green transition, climate scientist Corinne Le Quéré told Euractiv, arguing in favour of “a clear financing plan” agreed with EU member states. Read the original French article here. Numerous heat waves, wildfires and floods have plagued the European continent this summer, underscoring the worsening impacts of climate change on people’s daily lives. But according to Le Quéré, a Franco-Canadian scientist and the chair of the French High Council on Climate, “this is not an extraordinary year” when looking at wider climate trends. The real problem, she says, lies in the “lack of preparedness for global warming” on the part of public authorities, who need to step up action by “rapidly doubling the current pace” of greenhouse gas emission cuts. The EU’s objective, enshrined in the European Climate Law, is to reduce the bloc’s emissions by 55% below 1990 levels by 2030, and reach net-zero by 2050 at the latest. “The EU is making encouraging progress, particularly on regulation and discussions on European financing for the ecological transition,” Le Quéré acknowledged. On the energy front, too, “the EU has taken a major step forward in the development of renewable energy,” the scientist noted, referring to the EU’s revised renewable energy directive and the goal of phasing out the sale of new internal combustion vehicles by 2035. Greece eyes EU money after deadly floods damages reach €2.5 billion Greek PM Kyriakos Mitsotakis has called on the EU to provide significant financial assistance after floods has so far cost the lives of 15 citizens and caused financial damage up to €2.5 billion. EU financing However, when it comes to financing the transition, the EU is not yet where it needs to be, argued Le Quéré, who is also a member of the UK Climate Change Committee. “Member states now have to set a planned annual trajectory, and the funding has to be there,” she said. In France, the government has announced an increase of €7 billion in the budget allocated to the climate transition in 2024. “Although the announcements made by Emmanuel Macron in recent days are a step in the right direction,” the climatologist notes, “France’s economic policy is not yet on the right track.” “Funding for climate action must increase by more than €60 billion a year from 2030,” she said. The French High Council on Climate Change, the government’s climate advisory body headed by Le Quéré, recommends the creation of a European Climate Investment Plan. Such a plan is “absolutely necessary” to review the EU’s budgetary constraints and identify possible sources of funding, said Le Quéré. “The European Commission needs to do this vital work,” she argues. Indeed, “the EU can no longer be content to legislate and regulate. Otherwise, consumers will bear the cost of the transition. A clear financing plan agreed with the Member States is therefore essential,” she said. The next European Commission that will be appointed after the June European elections “will have a central and highly operational role in ensuring that the EU’s very ambitious climate targets are met on a day-to-day basis,” the climatologist added. “If it succeeds, the European Commission will be able to say to the rest of the world that it has done its bit and stands ready to help countries that need it,” she concluded. EU lacks funding to match its climate ambition, warns top French advisor The EU must match its climate ambitions with corresponding financial resources or otherwise risks missing its objectives, Jean Pisani-Ferry, a senior advisor to the French government, told EURACTIV France in an interview. [Edited by Frédéric Simon/Nathalie Weatherald] Languages: Français | DeutschPrint Email Facebook Twitter LinkedIn WhatsApp Telegram Topics climate Corinne Le Quéré ecological planning Energy & Environment Eu financing EU funding European Commission Finance France High Climate Council Paris
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”