EU Commission reveals funds needed to achieve CO2 emission goals

Europe needs to invest around 400 billion euros annually to meet targets to reduce greenhouse gas emissions in energy and transport, Mairead McGuinness, Commissioner for financial services, financial stability and Capital Markets Union, said, Report informs, citing foreign media.

New technologies require continued financial support, she said, adding that over this decade, Europe will need an additional 390 billion euros of investment annually to meet the 2030 targets for reducing emissions in energy and transport..

The EU has pledged to become climate neutral by 2050, meaning zero net greenhouse gas emissions. The interim goal is to reduce emissions by 55% by 2030 compared to 1990 levels.