Autovista Group

A Green Recovery for the Automotive Industry?

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With plans for COVID-19 recovery funds to support a green transition inside and outside of Europe’s automotive industry, Autovista Group daily brief journalist Tom Geggus explores where the money would best be invested.

Last week, the European Commission revealed its €750 billion recovery plan to help pull EU economies out of a coronavirus (COVID-19) nosedive. The package, dubbed ‘Next Generation EU’, will be made up of €500 billion in grants and €250 billion in loans. A revamped proposal for a €1.1 trillion 2021-2027 EU budget was also announced, which contains a promise that 25% of EU spending will be dedicated to climate policy.

A cornerstone of the sustainable recovery plan is that it works in conjunction with the European Green Deal. Speaking at a press conference, executive vice-president of the European Commision Frans Timmermans said that the package must ‘do no harm’ to climate ambitions. So the new investments look to support key technologies for a clean-energy transition. This will include renewable energy, clean hydrogen, batteries, carbon capture and sustainable infrastructure. Timmermans outlined the ability for funds to support the financing of one million electric-vehicle (EV) charging points, clean fleet renewals and sustainable transport infrastructure…

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