European Alliance for Green Recovery urges United States to regain climate ambition
In mid-2020, Suma Capital joined the European Alliance for a Green Recovery, an initiative launched by the European Parliament’s Environment Committee with the support of leaders and benchmark companies, to work together towards the development of post-crisis green investment plans inspired by the European Green Deal.
The European Green Deal is the biggest continent-wide action plan to achieve climate neutrality, which aims to implement measures to save and transform the continent’s economy by aligning it with the Paris Climate Agreement goals.
It will raise €250 billion to fight climate change in just three years, which constitutes the largest impact investment ever made in Europe. A climate target has been set to reduce greenhouse gas (GHG) emissions by at least 50% by 2030 compared to 2005 levels.
Furthermore, a commitment has been made to develop a new taxonomy for green investments, and a flagship European Climate Law has been drafted to embody the goals set, which will become the legislation that will lead the way for decades to come.
As such, the EU is moving towards a systemic transformation that will redefine economic activities, shifting all policies towards climate action, and placing the European Union at the forefront of this ambition.
However, achieving climate neutrality by 2050 will require a shared commitment on both sides of the Atlantic. Europe and the US represent a combined market of around 800 million people, generating around 40% of the world’s GDP and around 25% of global CO2 emissions.
This is why the US-European partnership is crucial to tackling climate change and enabling a just and sustainable transition. Indeed, the return of the United States to the Paris Climate Agreement and the Biden-Harris Administration’s commitment to renew the fight against climate change are a great opportunity to forge a new era of cooperation.
All signatories of the European Alliance for a Green Recovery believe that the opportunity is on our doorstep to develop a shared vision to create a global movement to transform our societies towards a new model of prosperity, with carbon-neutral economies and preserved biodiversity that create jobs and improve our citizens’ quality of life.
We therefore call on the United States to be as bold and ambitious as we have been with the European Green Deal, following a similar path with its Build Back Better plan. In Europe, we are committed to strengthening our cooperation to advance together on this journey towards climate neutrality, and to enable us to build the future we believe in, and on which our greatest shared asset (our planet) will depend.
Read the European Allianca for a Green Recovery call to action