Saving humanity from catastrophic climate change is expensive. Around €1 trillion to be exact. But risking the extinction of humankind would be a far higher price to pay.
The financial aspect of the much-debated European Green Deal was discussed at length in the third webinar about the measures, policies, laws and regulations contained within the EU Green Deal.
Times of Malta has partnered with the European Parliament Office and the European Commission Representation in Malta in an attempt to answer some of the most pressing issues in and around this massive and ambitious project, which is humanity's greatest effort yet to save the planet.
Held on Thursday, June 2, the Enabling the Green Deal webinar hosted Maltese MEP Alfred Sant, Transport Foundation Director General Jeanette Axisa, chair of the Malta Chamber Energy, Efficiency and Conservation thematic committee Patrick Spiteri Staines, Malta Chamber of Geologists President Peter Gatt and EU Commission Recovery and Resilience Task Force Director Maria Teresa Fabregas Fernandez.
The discussion centred mainly around how the EU's efforts to reach its 2030 goals for carbon neutrality were met with new challenges posed by the pandemic and the Ukraine war, and how the Union is striving to help member states recover from the impacts of inflation while still staying on track to create cleaner and greener countries.
Thus, while member states are using the Recovery and Resilience fund to shield their countries from the effects of the pandemic, they must use at least 37% of its money to invest in the implementation of the EU Green Deal and in an effort to digitalise their economies.
Failure to meet the EU Green Deal goals might exacerbate diseases, cause sea levels to rise and flood some major cities, and create huge waves of climate refugees, among other things.
One of the EU's efforts to avoid a climate catastrophe is its Fit for 55 package - which is a set of laws aiming to reduce emissions by 55% by 2050.
The three Times of Malta webinars saw politicians, policymakers, academics, businesspeople and environmental activists meet and unpack the jargon, look at what shape this Green Deal will take and how it will impact people’s lives in Malta.
A live audience was able to join in the discussion by registering for the webinars and contributing with their own arguments and questions for the panellists.