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How to boost the European Green Deal's scale and ambition

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  • Wildauer, Rafael
  • Leitch, Stuart
  • Kapeller, Jakob

Abstract

The European Green Deal (EGD) is the European Union's flagship strategy to tackle climate change. This policy study compares the ambition and scale of the EGD with the current relevant scientific literature. The goal is to assess whether the current proposals are capable of fulfilling the EU's commitment to limit global warming to 1.5°C in line with the Paris Agreement. (...) Taken together, this suggests that annual investment requirements of up to € 855 billion (excluding transport) in the EU27 would be required for a successful transition. Setting and delivering on more ambitious GHG emission reduction targets requires the use of all possible policy tools. The EGD is a promising start in this context as it relies on a broad set of instruments from regulations, carbon markets, taxes and public investment. Given the limited time available however the EGD should go a step further and upgrade the Sustainable Europe Investment Plan into a comprehensive climate master plan which determines clear targets and timelines for renewable energy capacity, building renovations, transport infrastructure, R&D targets etc. This would not only provide the private sector with clear long-term signals but also allow for timely monitoring of the EU's progress.

Suggested Citation

  • Wildauer, Rafael & Leitch, Stuart & Kapeller, Jakob, 2020. "How to boost the European Green Deal's scale and ambition," ifso expertise 8, University of Duisburg-Essen, Institute for Socioeconomics (ifso).
    • Handle: RePEc:zbw:ifsoex:8
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    References listed on IDEAS

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    Cited by:

    1. Claudius Gräbner & Philipp Heimberger & Jakob Kapeller, 2020. "Pandemic pushes polarisation: the Corona crisis and macroeconomic divergence in the Eurozone," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 47(3), pages 425-438, September.
    2. Jamie Morgan, 2021. "Learning to Treat Our Natural World Realistically Through Unlearning Mainstream Economics? A Commentary on the Recent Work of Peter Söderbaum," Economic Thought, World Economics Association, vol. 10(1), pages 14-31, July.
    3. Stephan Schulmeister, 2020. "Fixing long-term price paths for fossil energy: the optimal incentive for limiting global warming," ICAE Working Papers 112, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    4. Yurchenko, Yuliya, 2020. "The energy sector and socio-ecological transformation: Europe in the global context," Greenwich Papers in Political Economy 30519, University of Greenwich, Greenwich Political Economy Research Centre.
    5. Philipp Heimberger & Andreas Lichtenberger, 2022. "RRF 2.0: Ein permanenter EU-Investitionsfonds im Kontext von Energiekrise, Klimawandel und EU-Fiskalregeln," wiiw Research Reports in German language 23, The Vienna Institute for International Economic Studies, wiiw.

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