In a preparatory impact report, a copy of which has been obtained by the Financial Times before official release, the European Commission estimates that to achieve the target of reducing greenhouse gas emissions by 90% by 2040 then 100% in 2050 — the main objective of the “European Green Deal” — Europe will need to invest €1.5 trillion a year from 2031 to 2050.
1.5 trillion euros a year. That is equivalent to 10% of the Europe Union’s entire GDP for 2022 — every year! Apart from a war effort, there is no objective of any kind that has ever required the diversion of 10% of a continent’s GDP by political decree.
