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with the rising danger of climate change many have proposed large-scale solutions to this threat the latest of these is the european green deal a set of policy proposals and goals by the european union that aims to significantly transform their economy of 500 million into a carbon neutral trading block its name obviously comes from its american counterpart the green new deal which is offered by congresswoman alexandria ocasio-cortez who has similar goals it's basically a decarbonization of all aspects of the eu's 27 member states including food transport and manufacturing all without reducing their standard of living from 1990 to the present the eu has managed to cut carbon emissions by around a quarter but the rate needs to be increased particularly decreased emissions by 50 to 55 percent before 2030. these are all clearly ambitious to the point that the european commission president ursula vonderlein called it europe's man on the moon moment the green deal also appears to be drummed up as ursula's signature policy proposal and there's a move for smart sector integration bringing together electricity gas and heating sectors to decarbonize them and after 2030 the goal is to emit net zero carbon emissions by 2050. this specific year was chosen as it takes 25 years or a generation to transform an industrial sector and its value chains as well as a further five years to prepare for this transformation i have identified 12 different areas which the eu plans to do this renovation zero pollution tax ecosystems and biodiversity farming transport money research and development regulation reskilling the emissions trading system and external relations slash carbon board attacks [Music] when it comes to buildings they consume 40 of energy use so the eu aims to climate-proof buildings through renovation according to a report renovation could reduce emissions by 60 by the 2050 deadline this is because demolishing a building then creating new building from scratch generates significant level of carbon emissions while just renovating and retrofitting a pre-existing building is more climate friendly currently the annual renovation rate is 0.4 to 1.2 which is not enough for the eu's 2050 target so the rate will need to be doubled or even tripled renovated buildings are also being planned to be included in the eu emissions trading system which i will talk about later in this video it is hoped that this mass renovation can occur over large blocks in order to take advantage of economies of scale which is usually when businesses increasing in size or output leads to a fall in average costs in the long run i'm not exactly sure how this will happen but an example is that you can buy certain building materials in bulk but at a discount which makes the unit cost of renovating more buildings cheaper than if it was done on a few buildings if you want to know more about economies of scale i have a video on it and the card should pop up around now they will also remove any unnecessary national regulations that inhibit renovation as well as particularly focus on social housing schools and hospitals it is aimed that the european union reaches a pollution-free environment by 2050 to record how successful they are at achieving this they aim to use digital technologies to measure levels of air and water pollution or to calculate how best to use energy resources the digital sector's own energy efficiency will also be looked at as fossil fuels are the main emitter of carbon dioxide the eu will end fossil fuel subsidies wait they haven't ended it already what have they been doing anyway they plan on phasing out fossil fuels by 2050 [Music] next the eu wants to promote economic growth by shifting to tax burden from labor to pollution historically this has meant introducing more carbon taxes as well as vat which would discourage economic activity that emits pollution there is also a move to close any tax loopholes for aviation and maritime fuels europe wants to advance the cause of biodiversity by focusing not only on growing more trees and dealing with soil pollution but by expanding outside of their continent to africa this specific project is known as the nature africa initiative where they create a network of protected areas to protect wildlife as well as provide green sector opportunities to local residents there are plans to cut on the use of chemical pesticides fertilizers and antibiotics as well as evaluate whether the common agriculture policy is consistent with the eu's climate change goals this will be supplemented by at least 40 percent of a common agriculture policy budget and 30 percent of the maritime fishery budget being used to fund climate change projects with transport accounted for a quarter of eu carbon missions this is a significant area to focus on with the eu highlighting that they need to cut transport emissions by 90 to become climate neutral by 2050. as trains and waterways are more environmentally beneficial the eu has decided that 75 of inline freight carried by road should be shifted to instead being carried by rail and inland waterways this will be complemented by establishing roughly 1 million public recharging and refueling stations for 13 million low emission vehicles like electric cars by 2025 [Music] the eu has calculated that they will annually need 260 billion euros or 1.5 percent of their gdp back in 2018 to be put in the energy construction and transport sectors in addition the eu realizes that many of their green deal policies will disproportionately affect lower income groups in a negative fashion since they are the main users of fossil fuels and most likely are employed by carbon emitting industries potential carbon taxes can increase energy prices for the working class and even middle income groups leading to energy poverty and phasing out fossil fuel industries would increase unemployment so the eu sees it fit to implement the just transition mechanism where a fund of 100 billion euros are provided to fossil fuel dependent regions as well as financing both rural areas hit hard by green policies and renovation schemes that cut energy policy as the green deal is a heavy expenditure 30 of invest eu will contribute to the project and revenue will be increased via what i assume is a tax on non-recycled plastic packaging waste and by transferring 20 percent of revenue gained from the eu emissions trading system banks and other financial institutions will also work with the eu with one prominent bank the european investment bank group doubling its climate target from 25 to 50 percent by 2025 making them europe's climate bank the commission itself estimated that to make hundred carbon neutral cities it would cost ten thousand euros per citizen as the eastern european nations are more fossil dependent they they'll receive more financial incentives the commission has also calculated that 1 trillion euros is required to fund the green deal over 10 years where 500 billion euros will come from the eu budget 114 billion euros will be provided by national governments the final 279 billion euros will come from the private sector but the brutal institute who aren't exactly opposed to the eu pointed out a lot of the 503 billion euros would be spent on farm subsidies and eu auditors shown that money was given to farmers to implement climate-friendly measures when they would have done it regardless of the money there are concerns that carbon financiers will trick the eu and be given money for false green investments likewise the four frugal net payers have attempted to cut eu spending so the seven year eu budget wasn't agreed on meaning 503 billion euros is not even guaranteed should i even talk about the fact that since the uk was a significant contributor to the eu brexit has created a sizeable financial hole for the eu but the big kicker is that the brutal institute estimated if the eu wants to cut carbon emissions by 55 percent before 2030 the 1 trillion euros is only a third of what they truly need dawn i thought the guardian was a left-leaning pro-eu paper imagine what the daily mail would say about this now what do the critics say wait what do the critics say you mean what i just read before wasn't said by the critics my days well it's mainly populous politicians from both the left and the right who are worried about how the green deal disproportionately and negatively affects working-class people i guess bipartisanship and unity isn't ideal for the eu in this case the eu wants to make sure that investors citizens businesses insurers and cities have full knowledge and information on how to integrate climate solutions into their practices as new investments in research and development are risky especially if they are to fight climate change the eu will attempt to de-risk these investments as much as possible by funding guarantees and blended financing one of these funds will be by horizon europe the eu's 7-year research initiative who plan to allocate 35 of their budget to fund new climate solutions and technologies they will be joined by the european innovation council who will provide funding equity investment and business acceleration services to climate friendly startups and small medium enterprises to help advance their growth in the global markets to help investors the eu is also developing a taxonomy which tells investors whether a certain type of economic activity is environmentally sustainable so they can avoid environmentally hazardous investments and instead promote ones that benefit the climate some regard the european union as failing to live up to their climate ambitions for example only 12 percent of their materials are recyclable so the eu will clap down on many materials and industries by regulating chemicals materials domestic food imported food and polluting maritime ships among others they will use a sustainable products policy to make sure all packaging is reusable or recyclable by 2030 and will not tolerate illegal phishing since the eu considers itself an expert in green regulation they hope to use their international influence to encourage other countries to adopt similar types of regulation to combat climate change companies who make claims such as that their product is climate friendly need to prove it by measuring the product's impact on the environment and full screen claims will be dealt with financial institutions and companies will also need to disclose their environmental and climate data so that investors have full knowledge on whether they are making a sustainable investment this will also be backed up using satellites which can fact-check their pollution levels of companies outside of the eu if such information is revealed to the public this will make them more accountable to consumers and importers [Music] as the european union is going through a significant transformation by encouraging renewable energy sources there's a need for more workers that are specialized in this field this can be done through schools universities and training institutions by providing students with knowledge and skills on these renewable fuels and technologies and will be supported with a 3 billion euro investment in schools by the european investment bank since fossil fuels are going to be phased out there will be mass unemployment from carbon and missing industries to counter this the eu will enact reskilling programs for coal oil and other fossil fuel workers however it appears that most of these retraining programs don't work according to multiple studies a 2012 study of one retraining program found that after four years only 37 of participants were working in their targeted industries of course this was in america rather than in europe regardless i will investigate these studies further in the future and the success of retraining may depend on the occupation for instance a danish oil rig technician can learn the safety requirements for a wind turbine within a few weeks in contrast to a german co-worker who will face a tough transition [Music] the emissions trading system is personally my most preferred aspect of the green deal due to its use of market mechanisms in contrast to its mostly interventionist nature the system involves the use of trading permits for businesses emitting carbon dioxide at the start of a period each company will buy these trading permits an emissions limit is set such as 20 000 tons per company if one company emits below 20 000 tons at the end of a period then they can cash those remaining permits in and gain money or save those permits for the next period and it meant more than 20 000 tons if another company emitted more than 20 000 tons in the same period then they would have to buy those permits from other companies failure to do so means paying a fine at the end of the period the european union already implemented their own emissions trading system back in 2005 and currently want to expand the emissions system to new sectors specifically to the maritime sector and road transport it is also intended that airlines receive less trading permits and the eu will even help other countries in developing their own emissions trading systems i have checked an imperial university study of the emission system as well as criticism from friends of the earth people and these are the highlights in phase one carbon dioxide emissions were cut by two point four percent to four point seven percent in phase two carbon dioxide emissions were cut by three point three five percent on average most clt reductions occurred in the eu 15 countries rather than the eu-10 states the higher production costs due to emission system has incentivized research and development where regulated companies had 8.1 percent more patents of cleantech innovation than unregulated companies as well as leading to research spillover effects to other companies but the benefits of innovation decreases if there are more trading permits obtained for free the emissions trading system appears to lead to a small but statistically significant fall with 0.9 in employment for 18 countries have higher risk of downsizing according to six countries that the high price volatility of the emission system has discouraged private investment and that emissions targets were higher than verified emission goals the imperial study can be limited by a fall in carbon emissions being caused by outside factors like the 2008 recession and that it has only existed for a short time to understand its long-term effects i go into more detail on the eu emission system in a previous video so feel free to click the card above if you're interested however there are legitimate concerns that the expansion of the system as well as other pro-climate policies may lead to carbon leakage since companies may move and emit their emissions elsewhere or would just outsource it to foreign divisions in less regulated environments [Music] as mentioned just now the eu's greatest obstacle with the emissions trading system is countries and companies polluting outside of the eu making the european union's climate actions pointless especially since other countries like the us and china emit a significant portion of the world's carbon the same principle applies to the eu's other green deal policies to make matters worse domestic european firms will be less competitive due to being limited by climate regulations so will be put out of business by foreign companies but the european union has anticipated this as the largest single market in the world the eu can use its market power to influence international standards and threaten to withdraw favorable trade agreements to other nations unless they are willing to take action to drastically cut their emissions this isn't even their main weapon that would be the carbon adjustment tax slash carbon border adjustment mechanism this is a mechanism that ensures consumers within the jurisdiction pays the same tax for a good or service regardless of whether the good or service is produced domestically or imported the amount of tax placed on the good will depend on its carbon content so basically the higher the carbon emissions the higher the tax placed on the good it is often lumped in with an import tariff which is a tax placed on goods and services from foreign countries therefore he mechanism has been criticized as protectionist for allegedly favoring wealthier countries over poor countries that pollute more but border adjustment advocates point out that the tax applies equally to both the eu's own domestic exports as well as imports this means if a company decides to leave because they are based in a region that implemented environmental procedures they would be stopped by the fact that the price of their goods will increase due to their carbon emissions this means carbon leakage is discouraged as companies will then see no benefit to move to countries that have more lacks environmental regulations the carbon border tax will of course need approval from the world trade organization nevertheless this doesn't change the fact that poorer third world countries have much more polluting goods so will be disproportionately affected due to their prices being raised and they can do very little about this satellites again will be a very big help for the eu as they can further check the carbon emissions of companies that wish to trade with the eu so they know where to apply the carbon border tax overall there seems to be some intriguing proposals such as increasing renovation rates and expanding the emissions trading system but the eu is inhibited by the potentially high cost of the green deal if the eu can jump this financial hurdle then they may be able to advance the green deal agenda regardless i plan on using the research in preparation for this video as a build up to a much more ambitious project of explaining the us green new deal's economic effects the significance and impact of the green new deal means it requires a deeper evaluation of how it would hypothetically affect america i made you sub section videos of this topic like covering how much the green new deal actually costs of course these are working titles and thumbnails since i am overworked and midterm exams are coming up i will take a break from my channel for a few weeks but i will be back sometime after mid-march so stay tuned anyways i hope you enjoyed this video if you did please give a like and comment as it really helps my video in the youtube algorithm and if you like economics and political commentary consider subscribing maybe follow me on my twitter and see you later