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Decided to “green” the European economy

The leadership of the European Union decided to radically “green” the European economy. The corresponding statement was made by the President of the European Commission (EC) Ursula von der Leyen, quoted by Bloomberg.

According to the head of the EC, the EU authorities have revised the global environmental policy towards tightening. According to the new guidelines, by 2030, carbon dioxide emissions should be reduced by 55 percent from 1990 levels, instead of the previous 40 percent.

Such a goal would require the issuance of additional green bonds. So it is customary to call securities issued to finance environmental projects. In particular, within the framework of a large-scale program for the restoration of the continental economy worth 750 billion euros, which provides for an unprecedented issue of bonds on behalf of the EU, 225 billion green papers will be issued.

“I understand that the increase from 40 to 55 percent is too high for some and not enough for other EU member states. But our assessment clearly shows that the economy and industry can meet such a challenge, ” said von der Leyen.

The details of the new rules have yet to be made public, but experts suggest they could include a complete ban on new internal combustion engine vehicles after 2030. Now the norms are adopted only at the national level and provide for more distant dates.

Economists surveyed by Bloomberg believe that the new policy will allow more actively to attract borrowed funds through the issuance of “green” bonds since it will inspire confidence in investors in the intentions of the EU authorities. The decision is not yet final and requires the approval of the European Parliament.

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