Europe is facing an economic recession that none of us have experienced in our lifetimes. Overall the EU’s GDP in 2020 is expected to be 7-16% lower than 2019. The Commission has proposed to borrow €750 billion on financial markets and distribute this among Member States to help rebuild their economies. The pandemic has further put the spotlight on the climate crisis.
NGOs and citizens are now calling on EU decision makers to invest wisely so that the recovery is compatible with our climate objectives and that the EU is investing in projects that help the economy become more resilient and sustainable in the long-term.
The G10 calls for the introduction of an exclusion list in the Recovery and Resilience Facility (the legislation that determines where €560 billion will go). This exclusion list would define a set of environmentally harmful activities that national plans must not feature.