Covid-19 brought a brief respite in the growth of carbon emissions. The challenge now is to achieve a long-term decrease. We must seize the moment to turn the coronavirus crisis into the green opportunity the world needs most.
Beginning in July, Germany will hold the European Council Presidency until the end of the year, a term that will be characterised by the effects of the corona pandemic and the efforts to manage it. The Council Presidency should be used to mould the processes of the EU recovery plan and the MFF in a way that delivers decisive impulses for an orientation towards climate and sustainability goals. A further summit of the EU heads of state and government will take place in July, tasked with reaching agreement on the EU recovery plan.
The need for a greener recovery geared towards meeting environmental targets and climate neutrality, a subject of intense debate since the beginning of the crisis, is at the heart of the European recovery plan announced this week. The acceleration of the Green Deal is presented as one of the two pillars that should guide the European economic recovery, alongside the digital transition.
The pandemic offers an opportunity to shape climate-friendly recovery packages that both boost shorter-term job creation and incomes, and generate long-term sustainability benefits. Polling shows large popular support for recovery packages to prioritise climate change.
For the second time over the last ten years, low-income economies are confronted with the challenge of overcoming a macro crisis they did not spark and for which they have disproportionally poor capacity to cope with compared to high-income countries. In this context, development finance institutions (DFIs) have an important role to play, both during the crisis and for the recovery.
As a follow up to the ETTG Policy Brief “Harnessing EU external cooperation to boost ambitious and coherent climate action” and one month before the ETTG roundtable event ’How to walk the Green Deal talk in EU external cooperation? Harnessing development cooperation to foster European climate leadership‘ (18th March in Brussels) the DIE researchers from Steffen Bauer and Gabriela Iacobuta are putting together the pieces of the “Green Deal” puzzle in our new ETTG blog.
The December Communication on the Green New Deal – in the words of the EC President presented as the “man on the moon moment” of the European Union – outlines the steps to shape the European Union climate strategy for the years to come.