According to Sapo news, The Rousseau Institute report, which involved "analysts from across Europe", states that "€40 billion are needed to put the EU on the path to climate neutrality, while remaining in the global competitiveness race, in line with the EU's strategic autonomy agenda".

The study notes that the government of the 27 member states "need to channel new funding into 'green' capital", and increase the EU's Gross Domestic Product (GDP) by 2.3 percent, in order to "unlock the benefits of the climate transition".

Public spending needs to "double from €250 billion to €510 billion per year to channel private investment and financial solutions for decarbonisation".

Guillaume Kerlero, director for the ecological transition at the Rousseau Institute and head of the project, said that the study presented "unprecedented levels of detail on the need for additional investment, particularly in the public sector".

"The figures may seem significant, but investment in the 'green' transition is a logical financial move, and only a fraction of what EU governments have spent on Covid-19 recovery plans and support for fossil fuels," it adds.

"The choice is very simple. We can miss the goals of the [climate] transition and pave the way for an uncertain future. We will continue to spend twice the investment needed for the transition on importing fossil fuels, or we can plan responsibly, which will result in hundreds of thousands of jobs, improve our sovereignty and trade balance," it concludes.