The European budget will mobilize 1 trillion euros ($1.1 trillion) over the next decade for green investments, European Commission President Ursula von der Leyen said Wednesday at the 50th Davos summit.
“European money, national co-financing, private investment, strongly supported by the European Investment Bank, our climate bank,” she said in a keynote speech at Davos, adding this will create a green investment wave and there is a demand for it.
Highlighting that the commission presented as its first priority the European Green Deal, she said Europe will be the world’s first climate neutral continent by 2050.
“It will do what it takes to unlock the investment, innovation and the creativity that is needed,” she added.
She also noted, last month, 44 of Europe’s largest investors, representing 6 trillion euros ($6.6 trillion) of assets, called on the EU to put climate neutrality into law.
“They want that law. They say it will give them the confidence, accountability and reliability they need to make long-term investments,” she added.
Von der Leyen made it very clear that the Green Deal is EU’s new growth strategy.
“Europe will seize this opportunity — our battery alliance, smart grids, green hydrogen power, offshore wind power, clean steel and decarbonized gas,” she added.