Abstract
The European Green Deal was launched by the European Commission (EC) in December 2019, before being formally approved in 2020. It comprises a package of policy measures that aim to set the European Union (EU) on the path to a green transition, with the ultimate objective of achieving climate neutrality by 2050. Despite the EU’s longstanding commitment to reducing carbon emissions in support of climate change mitigation and the achievement of its net zero ambition, this paper focuses on the growing importance of climate change adaptation within its policy portfolio. With respect to the latter, the long-term vision is for the EU to become a climate-resilient society that is also fully adapted to the unavoidable impacts of climate change. Achieving climate neutrality and a climate-resilient society by 2050 will be more challenging for some EU member states and regions than for others, eg poorer regions and those highly dependent on fossil fuels or with carbon-intensive industries that employ significant numbers of people. To address such issues, the EU has introduced a Just Transition Mechanism to help level the playing field and provide financial and technical support to regions most adversely affected by the move towards a low carbon economy. The paper traces the evolution of the EU’s climate policy agenda leading up to the adoption of the Green Deal, outlines its proposed road map in pursuit of climate neutrality and a climate-resilient society by 2050, and questions the efficacy of some its intermediate targets including the adequacy and equity of its just transition aspirations. It also details and scrutinises the key role that the European Investment Bank (EIB) will play in supporting delivery of the strategy.1,2
Published Version
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