First, the European Commission has estimated the public and private climate-related investment needs in the EU over the period 2021-30 at € billion on average per year, excluding the green reconversion of the transport sector. [19] Between a quarter and a fifth of climate-related investment will have to be funded by the public sector.
[20] This year a new initiative – REPowerEU – has been taken in the wake of the war  in Ukraine. It identifies at least another € billion of investment needs per year in the period 2022-30 to diversify European energy supplies, save energy and produce additional clean energy (Chart 3).