Discover and read the best of Twitter Threads about #fiscalmatters
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Excited to share our new @NEF report co-authored with @DominicCaddick on green industrial policy & how the EU is to plug green spending gaps
Conclusion: Proposed fiscal rules stand in the way of sufficient and inclusive green spending
Read it here: neweconomics.org/2023/04/beyond…
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Conclusion: Proposed fiscal rules stand in the way of sufficient and inclusive green spending
Read it here: neweconomics.org/2023/04/beyond…
🧵
The Commission estimates an additional €520bn is needed to achieve the #EUGreenDeal objectives
To achieve emission reductions of 65% by 2030 and align EU climate action with Paris @feps estimates an additional €855bn would be needed
To achieve emission reductions of 65% by 2030 and align EU climate action with Paris @feps estimates an additional €855bn would be needed
This investment gap includes public & private finance
But public finance is crucial to speed up the transition, crowd in finance, finance investments without a business case and invest in climate justice incl. more collectivised public goods that require less energy & materials
But public finance is crucial to speed up the transition, crowd in finance, finance investments without a business case and invest in climate justice incl. more collectivised public goods that require less energy & materials
We need to promote public debate on fiscal policy and EU fiscal rules. Yesterday, I did a presentation in Vienna on climate investment in the context of public investment needs and EU fiscal rules reform. I stressed three main points (short thread):
1. If policymakers are serious about meeting the climate goals, they will need to significantly increase public investment for climate and energy. We are talking about *additional* public investment of at least 1% of EU GDP per year.
2. The European Commission has published EU fiscal rules reform orientations that were welcomed by EU finance ministers. Tough political negotiations ahead, but what's on the table will not sufficiently increase the scope for public climate investment.
