i. We will transform the European economy to build green, shared prosperity. Today, we are unprepared for a changing climate. Many municipalities lack the resources to transition to more sustainable sources of energy. Others lack the capacity to protect citizens from environmental catastrophes. This is not only a danger to European citizens. It is also a missed opportunity to rebuild the continent’s infrastructure and enshrine sustainability in the process.
ii. We are calling for a Green Investment-led Recovery Program of €500 billion to be invested annually in a Green Energy, Transport & Transition (GETT) programme. GETT will be financed entirely via Green investment bonds issued by Europe’s public investment bank institutions, and backed by an alliance of Europe’s Central Banks, which will stand ready to intervene in the secondary bonds markets in case the Green investment bond yields begin to rise. A new Organisation for the European Green Transition (OEGT) will consult with local communities, cities and municipalities to develop and manage the pan-European works and projects necessary for the GETT program.
iii. Through the GETT, we will introduce a European Anti-Seismic Plan to protect citizens and their communities from earthquake damage. The new plan will direct funds for (i) classification of seismic risk and the creation of a hazard map that is open to the public, (ii) renovation of buildings with high levels of vulnerability, and (iii) new construction of public buildings that are up to seismic standards.