EU sets out trillion euro plan to avert "climate crash"

The European executive on Tuesday presented a trillion euro investment plan aimed at cutting net C02 emissions to zero by 2050 and protect member countries dependent on coal. Speaking at the European Parliament in Strasbourg, the Commission President said the plan would consist of a mix of European and national money, both public and private.

Of the one trillion euro of the EU's 10-year investment plan, roughly half is to come from the EU long-term budget, the Commission said. This will trigger more than 100 billion in co-financing from governments. European Budget Commissioner said Europe needed climate cash in order to avoid a climate crash.

To the exception of Poland, which argued its economy is too dependent on coal, all EU countries agreed last month they should transform their economies over the next 30 years to not emit more carbon dioxide than they absorb.