Lack of funds risks Europe missing climate goals, auditors say

The European Union is at risk of failing to meet its 2030 climate change targets, owing to uncertainty over whether sufficient funds are being invested in the low-carbon transition, auditors said on Monday.

The European Court of Auditors (ECA) flagged the finance gap in a report on the 27-country EU's progress towards green goals - including its binding commitment to cut greenhouse gas emissions 55% by 2030, from 1990 levels.

"There is no sign of sufficient financing being made available to reach the more ambitious 2030 targets, particularly from the private sector, which is expected to contribute significantly," the ECA said.

Despite the EU passing a raft of CO2-cutting measures and earmarking 30% of the bloc's 2021-2027 budget for climate-related spending - yielding around 87 billion euros ($95 billion) per year - the auditors said a substantial funding gap...