The European Commission’s proposed green recovery package is an encouraging sign that governments are finally taking a transformative approach to climate change. After decades of incremental progress, it has taken a global crisis for us to finally face up to the task at hand. But this will mean nothing if the rest of the world’s governments, companies, and private investors don’t follow suit.

There may be debate about exactly when the damage that climate change is wreaking on the planet becomes irreversible, but experts are clear that this crisis provides an inflection point.

The United Nations’ Paris Agreement, signed in 2016, set the long term goal of keeping global temperatures at an average 2 degrees below pre-industrial levels, limiting the overall increase to below 1.5, and ensuring that global emissions peaked and that countries worked to reduce them swiftly thereafter. The EU went further still, pledging to reduce greenhouse gas emissions by at least 40% by 2030 compared to 1990.

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