"EU may not find enough financing for climate targets"

The European Court of Auditors has warned that the European Union (EU) may not find sufficient financing to meet its ambitious climate goals. The European Court of Auditors, headquartered in Luxembourg, has published its report on the EU’s climate and energy targets. The report noted that the Union risks failing to meet its 2030 climate and energy targets. The report noted that the EU’s actions to meet its 2030 climate targets are not sufficient, and that the Union’s attempt to reduce greenhouse gas emissions by 55 percent by 2030 compared to 1990 levels may fail. The report stated that the EU and its member states need to be more transparent about the performance of their climate and energy actions. The report also drew attention to the problems with measuring the EU’s greenhouse gas emissions, and underlined that all greenhouse gas emissions caused by the EU, including those resulting from trade, international aviation, and shipping, should be taken into account. The report recalled that the EU’s emissions would be around 10 percent higher if those from trade, international aviation and shipping were included, but that this was not included in the calculations. “The lack of signs of sufficient financing from the private sector, which is expected to make a particularly significant contribution to meeting the ambitious 2030 targets, is a concern,” the report stated, recalling that the EU has pledged to spend at least 30 percent of its 2021-2027 budget, around 87 billion euros, on climate action every year. The report stated that this amount is less than 10 percent of the total investment required to meet the 2030 targets, estimated at around 1 trillion euros per year, with the remaining investment expected to come from national and private funds.