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Who Pays for the Green Deal?

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MUNICH – Under President Ursula von der Leyen, the new European Commission has big plans to address climate change. With a €1 trillion ($1.1 trillion) investment package, it hopes to transform Europe into a carbon-neutral economy by 2050.

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    But much of that €1 trillion for the Commission’s proposed Green Deal would be generated through financial-leverage effects. In 2020, the European Union will formally allocate for such purposes only around €40 billion, most of which is already included in the budget from previous years; arguably, only €7.5 billion of additional funding under the plan would actually be new.

    As with the previous Commission’s 2015 Juncker Plan, the trick, once again,........

    © Project Syndicate