European Climate Targets Need 1970s-Style Investment Boom

(Bloomberg) --

The EU aims to be the world’s “first climate-neutral continent” by 2050. Getting there will take investment on a scale not seen since the 1970s, when new cities were springing up across Europe. European Commission President Ursula von der Leyen envisages emission reductions of 55% by 2030. Bloomberg Economics calculates that would need additional investment of 2.4% of GDP a year. With governments strapped for cash, the EU is pinning its hopes on the private sector -- that won’t be enough.

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