UN 
The European Union (EU) needs to double its annual investment in this area to meet its 2030 climate goals.
The European Climate Neutrality Observatory (ECNO), which monitors the EU’s decarbonization process, has published its report assessing what needs to be done for the Union to become climate neutral.
The report recalls that the EU has set itself the goal of becoming carbon neutral by 2050 and points out that investment in this area should be rapidly increased.
“There is a need to further increase investment in clean technologies,” the report said, noting that progress is needed in all sectors, especially industry.
According to the report, the investment deficit in the area of climate change will amount to 406 billion euros in 2022, which is 50 percent below the investment needed for the transition.
Reminding that the EU still faces a significant investment gap to reach the 2030 climate goal, the report said, “Currently, only half of the annual investment needed to adapt to the 2030 climate goal has been mobilized.”
The report highlights the importance of prioritizing critical areas such as energy efficiency, building renovation, use of heat pumps, installation of wind and solar energy systems, electricity grid development and transportation to accelerate the transformation.
The EU is committed to reducing greenhouse gas emissions by at least 55 percent by 2030 compared to 1990 levels.
To meet its environmental and climate goals, the bloc needs to increase its annual investment in this area to 800 billion euros. (AA)
