In 2019 European Union leaders agreed to cut the bloc’s greenhouse-gas emissions to net-zero by 2050. Net zero refers to a state in which human-caused greenhouse gas emissions are balanced by removing an equivalent amount of carbon from the atmosphere. As part of the goal coal power plants and gas powered cars would be completely phased out of the economy. Economists estimate that the European Union will need 1.5 trillion euros of investments per year to meet the 2050 target. That would imply a huge divestment from areas like combustion engine cars, fossil fuel production and new airports, and a jump in investments into public transport, renovating buildings and expanding renewable energy, the researchers said.
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