Friday December 6, 2019

The rocky road to greening EU financial policy

Environmental spending could soon be given special status under EU budgetary rules, but we need to talk more about the details and cost of a just transition

3rd December, 2019
Climate change protesters in Brussels last week. “Young people all over Europe are giving legislators a clear message that we have waited too long to act on climate change,” writes Frances Fitzgerald. Picture: Anadolu Agency via Getty Images

Almost every sector of the economy is coming to terms with new environmental obligations. People are becoming more and more attuned to the effect of their own carbon footprint. Climate protests are taking place worldwide. In response, governments are starting to act. Without proper public investment, however, that action will mean little.

The European Fiscal Board (EFB), an independent advisory body of the European Commission, recently released its annual report. It specifically referred to climate...

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