Their countries
are in recessions
thanks to COVID-19
business restrictions.
So the European Union
unveiled the biggest
"green" stimulus
package in history.
The recovery package
puts fighting climate change
at the heart of the EU's
recovery from
the pandemic.
The headline figure
is €750bn,
but add in spending from
future budgets and the
total financial cost
is almost €2tn
($2.2tn).
The idea is to turbo-charge
the European effort
to reduce carbon emissions
to net zero by 2050.
The €750bn EU bailout
is actually tiny relative
to the coronavirus,
because it is
spread over
five years.
The EU bailout
will be funded
by debt.
To “turbo charge growth”:
-- There will be
tens of billions
of euros spent
to make homes
more energy efficient,
decarbonize electricity
and phase out gasoline
and diesel vehicles.
Economic losses
will accelerate
this summer
if tourism to the EU
does not quickly
return to normal.
-- China is currently
headed in the opposite
direction, increasing
the use of fossil fuels.
-- Joe Biden is planning
a similarly huge green
stimulus package
for the US.