Europe's New Green Deal Will End Fossil Fuel Investments by 2021

Europe’s New Green Deal Will End Fossil Fuel Investments by 2021

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It’s indeed good news when a tremendously large investment bank decides that it will stop funding old fossil fuel-based energy and instead heavily increase funding for green and renewable energy projects. Europe’s new green deal is progress in the making!

The EU is just one example of countries and regions that start to invest heavily in and support renewable energy sources. Over the last 10 years, countries and regions like the EU, China, India and the U.S. have invested a combined $2.6 trillion in renewable energy capacity. This number is expected to grow exponentially during the coming decade. It is more and more understood that there is very good money in green tech and green energy. Of course, this is a solid win-win scenario, as this shift can imply both stable economic growth, millions of new jobs and a much needed positive impact on the global environment and climate.

Europe's new green deal
Green money

The EU alone will spend over EUR 1 trillion during the next decade. More and more countries will follow, fewer and fewer investments will be made in the old energy sectors!

Europe’s new green deal is all about the money – but in a good way!

That is exactly the way the energy revolution must be realized! People often do not want to hear this, but it’s through money that this change will take place. If people, companies and governments see that there is as much money, or even more of it, in renewables as in dirty energy, they will invest in them. It’s as simple as that! And that, in itself is a very positive thing. Because financial resources and investments are the best incentive for change!

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Related Article: The UN Principles for Responsible Banking

Europe’s new green deal and the commitments made by the EIB go hand in hand with the UN’s principles for responsible banking. Both concepts imply a changed attitude of the global financial sector. This new attitude is absolutely vital for the continued development of our societies. Financial markets and assets are one of the core principles of our age. Market economy and the idea of supply and demand can work brilliantly, if the financial game is not rigged! If it is, well, than we all know how bad things can get (e.g. the financial crisis of 2008).

europe's new green deal
Image by Chelsea on Unsplash

But imagine the force of a sustainable and responsible financial industry. Look at all the money that is circulating in our economies! Now take a large chunk out of that sum, trillions and trillions of dollars, and put it into the renewable energy sector. Can you image how fast things would move towards a much brighter and cleaner future?

All Good Newz has news for you; things are going in that direction! And the speed is increasing with every year that goes by. The climate and energy situation is one of humanity’s biggest challenges. But with the right incentives, support and development, it can become mankind’s greatest technological, economical and environmental achievement of all time!

Feature image by Micah Hallahan on Unsplash

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