Stimulus

Europe Goes All In on Climate With Its Virus Recovery Plans

The Green Deal released in December has become the basis for the region’s recovery plans.

Illustration: Félix Decombat for Bloomberg Green
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On Dec. 11, European Commission President Ursula von der Leyen outlined a plan to steer the European Union onto a new path that combined economic growth, social justice, and the fight against climate change—a Green Deal. “This is Europe’s ‘man on the moon’ moment,” said the newly installed leader of the EU’s executive branch.

Within three months the Green Deal had become something else entirely: a way out of the worst economic crisis in a generation, if not ever. In May the commission proposed a €750 billion ($826 billion) recovery package that redoubles its commitment to the Green Deal. “With the new package we also commit to do no harm with regard to our climate ambitions,” Executive Vice President Frans Timmermans told reporters the day after the announcement.