The ECA says not enough financing was made available to cut emissions 55% by 2030. Read more at straitstimes.com.
owing to uncertainty over whether sufficient funds are being invested in the low-carbon transition, auditors said on Monday.
“There is no sign of sufficient financing being made available to reach the more ambitious 2030 targets, particularly from the private sector, which is expected to contribute significantly,” the ECA said. Estimates by consulting firm McKinsey suggest roughly 1 trillion euros per year in investments are needed to hit Europe’s climate goals, including its 2050 pledge to have net-zero emissions. Around 800 billion euros of that would come from shifting investments in polluting technologies to clean industries.
The ECA also pointed to risks that countries do not deliver promised green spending. A previous ECA audit found the EU had overstated climate spending in its pre-2020 budget.
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