EU is realising it is too expensive to implement its “Green Deal” and it can’t afford it

 When the European Union (“EU”) approved its Green Deal, it was done with much fanfare and sparkles. Now, the fanfare and the sparkles are a distant memory as the EU grapples with the actual “how” of the transition equation it wrote for itself. Staying silent on the real costs of the transition push has not helped either.

The EU had set aside some 580 billion euros for its net-zero plan over the period 2021 to 2027. However, it is going to cost a lot more than that – and the EU does not have that kind of money, which is only now coming to light, Oil Price wrote.

Last year, the European Commission estimated the cost of the energy transition at over 700 billion euros in additional annual investments between now and 2050. That’s 700 billion euros to be invested in the transition – and replacement of Russian hydrocarbons – every year. And a good portion of it is coming out of European citizens’ pockets.

This is perhaps the worst possible time for the real costs of the transition [to come] to light—just as Europeans are beginning to feel the pinch of the additional costs that this transition is imposing on household budgets. And there are European Parliament elections on the horizon.....<<<Read More>>>...