The Green Pact for Europe will set new targets for 2030, therefore constituting a real strategy for economic growth.

With the long-term EU budget and recovery plan that was agreed by EU leaders in July, Europe will have €1.8 trillion to spend on rebooting the economy in the coming seven years, Timmermans reminded, saying 30% of that sum will be dedicated to climate action. Nevertheless, in view of the economic recession heralded by the current health crisis, the Member States are awaiting an impact assessment as well as an economic study of the costs and benefits generated by reducing greenhouse gases by 50% (it is currently expected to be 40%). Indeed, reducing greenhouse gas emissions by half is one of the main objectives of this new recovery plan.