Frans Timmermans, the European Commission executive vice-president in charge of green policy, said politicians haven’t done enough to prepare people for the “tectonic” economic shift ahead, a disruption he compared to the industrial revolution. The EU’s plan to reach carbon neutrality by 2050 will require massive investments beyond the capacities of the EU’s institutions alone. (Financial Times)
Talking point: The remarks follow an announcement on Tuesday that the EU will commit a quarter of its budget towards the €1-trillion climate-change strategy in pursuit of becoming the first carbon-neutral continent in the world. Timmermans noted that the transition will be particularly trying for coal-reliant countries like Poland. While some of the funding will go toward reducing emissions in high-carbon industries, a large part of the budget will help deal with the social and economic impacts in those regions that will see the most dramatic transformations.