Members of the environmental activist group Extinction Rebellion hold an Earth Day rally on April 22, 2024 in Washington, DC.PARIS, France — The European Union needs to double targeted investment to meet its 2030 climate goal, a consortium of research organizations said on Tuesday, warning that the pace of Europe's related action must accelerate.
"Without a turn-around on finance and realising the necessary investments, the transition could fail," said a summary for policymakers. The EU has committed to reduce its greenhouse gas emissions by at least 55 percent by 2030 compared to 1990 levels. The analysis compared investment needs with what was spent by households, companies and governments in the 27 EU member states in 2022.
Picking up the pace of climate action also means accelerating the roll out of renewable energy and the phase out of coal, oil and gas. The Group of Seven rich democracies have failed to deliver significant new progress on climate during a summit in Italy, instead...