Tech Business and Politics

From coal and steel to carbon-free and digital: the EU reaches a turning point

This could also be one of the biggest missed opportunities in the 70-year history of EU integration, which has always tended to lurch forward in the aftermath of shocks ranging from the end of the Cold War to the current coronavirus pandemic. As European capitals this week they finalise plans to spend an unprecedented 750 billion euros of jointly raised EU borrowing. In the longer run, the EU seeks global green leadership by cutting net CO2 emissions to zero by 2050 to slow climate change and to get a slice of the digital economy, now dominated by U.S. tech giants like Google, Amazon or Facebook. Spain, one of the major beneficiaries of the fund, initially envisaged no fewer than 1,700 performance benchmarks for its plan – a number it was asked to cut significantly for the sake of simplicity. Italy’s Prime Minister Mario Draghi presented the country’s plan to parliament on Monday. Expected to add an extra 2% to EU output growth by 2026, it could be even longer before it is clear whether the fund’s goal of transformation has really worked.

Source: Reuters

 

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