European Green Deal: Using Ambitious Climate Targets and Renewable Energy to Climb out of the Economic Crisis

Delivering sustainable economic growth
Posted Aug 22, 2020 | German Institute for Economic Research, Karlo Hainsch, Leonard Göke, Claudia Kemfert et al

The European Green Deal is a package of measures aimed at making the European Union climate neutral by 2050. Karlo Hainsch, Leonard Göke, Claudia Kemfert et al suggest in this Weekly Report of the German Institute for Economic Research that this will require raising the emission reductions target from 40 percent to 65 percent compared to 1990 levels. Fossil and nuclear power plants will need to be replaced with wholly renewable energy sources. The required investments of around 3,000 billion euros in renewable energy would bring savings of almost 2,000 billion euros from not importing fossil fuels. The German EU Council Presidency faces the challenge of persuading Member States to adopt the necessary economic stimulus packages.   


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