EU To Invest 4 Billion Euros In Renewable Energy In Developing Economies: Ursula von der Leyen

President of the European Commission during her G20 address said that EU alone in the next five years with invest at least 4 billion Euros in renewable energy and hydrogen developing economies.

President of the European Commission, Ursula von der Leyen ( Image Source :PTI )

European Union Commission President Ursula von der Leyen said on Saturday that the European Union alone would invest 4 billion euros in renewable energy and hydrogen in developing economies through its Global Gateway plan in the next five years. 

Speaking at the G20 Summit session on 'One Earth', von der Leyen said the G20 countries alone account for 80 per cent of greenhouse gas emissions (GHG) and climate change is a man-made problem which means that the world can solve it as well. 

Speaking on the $100 billion climate finance target this year, Leyen said, "Delivering on the 100 billion dollars climate finance target this year is a must. The EU is doing its fair share, with 27 billion dollars delivered in 2021, and I want to assure you that we will continue to do so. But more revenues will be needed. Revenues that we use to invest in green technologies and to support the most vulnerable groups. Which brings me to carbon pricing. In the European Union, our Emissions Trading System has helped reduce emissions by 35 per cent, while generating over 152 billion euros of revenues since 2005. Yet only 23 per cent of global emissions today are covered by a carbon price in the range needed to meet out Paris goals."

"We have launched the Call for Action for Paris Aligned Carbon Markets to bring this share to at least 60 per cent. And make sure that a fair and big share of this goes to developing countries and emerging markets," she further said.

Leyen said according to science, the world would miss its objective of limiting global warming to 1.5 degrees. "Only what gets measured gets done, we know this principle. For this, we need to triple renewable energy capacity and double energy efficiency until 2030 if we are to reach our goal of limiting temperature increases to 1.5 degrees," the European Union Commission President said.

"Together with the COP chair, I would like to call to anchor a global goal at COP28 for renewable energies that have to be reached by 2030 and energy efficiency by 2030. Global goals will provide a benchmark against which to track progress and a strong signal of predictability to the private sector," Leyen further said.