Von Der Leyen Says EU Wants to Lead Green Recovery: NEF Update

The third day of the four-day Bloomberg New Economy Forum focuses on the many challenges posed by climate change, the coronavirus pandemic and an unstable global economy.

European Commission President Ursula von der Leyen delivered the opening address at the meeting, which brings together leaders from government, finance and industry. Also participating in the program are former Bank of England Governor Mark Carney, Guggenheim Partners co-founder Scott Minerd and the chief executive officers of companies including HSBC Holdings Plc, Anheuser-Busch InBev, Unilever NV, Iberdrola SA and Suntory Holdings Ltd.

Three-term New York City Mayor Michael Bloomberg gave the welcome remarks. More information can be found online at www.neweconomyforum.com.

The New Economy Forum is being organized by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News.

Von der Leyen Says EU Wants to Lead Green Recovery (8:11 a.m. NYT)

Europe wants to spearhead a sustainable global recovery from the coronavirus pandemic by investing more than a third of its 750-billion-euro ($890 billion) economic stimulus in projects compatible with the bloc’s climate neutrality goal, European Commission President Ursula von der Leyen said.

The world can’t afford to make the same mistake that it did in the last financial crisis when it rebuilt a “broken system” based on fossil fuels, Von der Leyen said. The 27-nations European Union has designed its latest strategy to combat the recession around the Green Deal, a sweeping overhaul that will accelerate pollution cuts, promote emissions-free cars and spur low-carbon energy technologies such as hydrogen.

“We need to use our recovery stimulus to invest in the clean and digital technologies of the future to make our economies more resilient and our societies and job markets fairer,” Von der Leyen said. “We can do it if we do it together. You can count on Europe to lead the way.”

The Green Deal, which calls for Europe to zero-out greenhouse gas emissions by the middle of the century, will affect every corner of the economy, from agriculture and energy production to how cities are designed. To help kick-start the clean shift, 37% of the EU’s 750-billion-euro recovery fund will be spent on projects linked to the Green Deal. — Ewa Krukowska

— With assistance by Ewa Krukowska, and Laura Millan Lombrana

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