The European Union is at risk of failing to meet its 2030 climate change targets, owing to uncertainty over whether sufficient funds are being invested in the low-carbon transition, auditors said on Monday.
The European Court of Auditors flagged the finance gap in a report on the 27-country EU's progress towards green goals - including its binding commitment to cut greenhouse gas emissions 55% by 2030, from 1990 levels.
Despite the EU passing a raft of CO2-cutting measures and earmarking 30% of the bloc's 2021-2027 budget for climate-related spending - yielding around 87 billion euros per year - the auditors said a substantial funding gap remained unaccounted for in governments' plans for meeting climate goals. The EU significantly over-achieved its 2020 target, for a 20% emissions cut, but has set far more ambitious 2030 goals.previous ECA auditIn response, the Commission said it recognised information provided by national governments "is insufficient regarding the volume of investment, gaps and sources, as well as financing measures able to further mobilise investment".
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