The allocation of European funds is based on strategies to achieve specific goals. There is no more ambitious a strategy than the plan towards a green economy. The aim is to make Europe carbon neutral by 2050. It is a bold target and there can be no doubt it requires a serious shift in the way we do things if we are to meet it.

We must recognise that climate change and environmental degradation are an existential threat to the planet and that what is required is a growth strategy that transforms member states into modern, resource-efficient and competitive economies where there are no net emissions of greenhouse gases.

Moving from a high to low carbon economy would improve quality of life, through cleaner air and water, better health and a thriving natural world.

The question is, how do we achieve this without reducing opportunities of economic growth? It is important that nobody is left behind.

Economic activity until now has come at a cost we can no longer bear. The impact of human activity on the environment throughout the years has been extensive. We all realise that it is high time to act.

The European ideal provides a roadmap with actions to boost the efficient use of resources by moving to a clean, circular economy which restores biodiversity and cuts pollution. The action plan for the circular economy contains initiatives along the entire life cycle of products, targeting their design and how they are made to fostering sustainable consumption and aiming to ensure that the resources used are kept in the EU economy for as long as possible. There is a focus on the sectors that use most resources and where the potential for circularity is high, such as electronics and ICT, batteries and vehicles, food, packaging, plastics, textiles and construction and buildings.

This will mean taking further action on the work that has been initiated. Radical reform in the energy and transport sectors helps cut emissions to acquire cleaner air. Buildings must be constructed to achieve greener standards. Greater investment is required in renewable energy while employing a greener transport policy, particularly with a bold move towards the transition to electric cars.

Across Europe, harmful chemicals have been phased out, farm animal welfare standards raised and the continent’s recycling rates beat most of the world.

Malta and other member states require the financial tools needed to go further.

The strategy foresees investment in environmentally-friendly technologies, support for industry to innovate, the decarbonising of the energy sector and making buildings and transport more energy efficient.

All of the EU’s budget will be subject to checks to ensure it is spent in ways that benefit the environment. It’s especially important that science, research and development budgets have a low-carbon slant.

This bold strategy is a challenge, but every challenge brings opportunities. The European Commission believes jobs will be created in new high-tech industries from renewable energy to electric vehicle manufacturing and sustainable building, with efficiencies in resource use repaying the cost of the changes. Forward-thinking businesses will recognise the direction of travel and seize the opportunities now.

Evidently, the economic recovery plan published by the EU is being tied to a number of objectives necessary to achieve a carbon neutral economy. Companies would be encouraged to make risky green investments by loan guarantees from the European Investment Bank, which has already pledged to phase out loans to fossil fuel projects. While the financing is not settled yet it is clear that funds will be available for those in Malta wanting to play their part and now is the time to start thinking of more ways to go green, from building renovation to changing energy sources.

The scale of ambition of the European Green Deal cannot be underestimated. In the words of the President of the European Commission, Ursula von der Leyen “this is Europe’s man on the moon moment”. She described the goal as reconciling the economy with our planet. While every continent and every country needs to play its part, she said she wants Europe to be a front-runner in climate friendly industries and clean technologies.   

Dr Stefan Zrinzo Azzopardi is Parliamentary Secretary for European Funds