NextGenerationEU, we want to bring all countries in the EU in a position to help their citizens. Because in this crisis, we will only get back on our feet if we all pull each other up.
2.
A green, digital and inclusive recovery
The second point I would like to touch upon is how we are supporting workers and businesses as we all embark in the green and digital transformation of our economy. The need to transition towards a carbon-neutral economy predates the pandemic. Science tells us that global warming is a consequence of CO2 emissions. The last decade was the warmest ever recorded. In recent years, Luxembourg experienced temperatures of 40 degrees and even tornados. To stop and reverse this trend, we must cut CO2 emissions to zero – and we must do so as soon as possible, before the damage becomes irreversible. This is why I have proposed to make Europe climate-neutral by 2050 – that is, to bring our impact on the planet in terms of greenhouse gas emissions to zero. This is our target and NextGenerationEU can help us massively to advance towards it – but only if we make the right investment. After the financial crisis of 2008, the great global economies restarted their economies thanks to large stimulus packages. CO2 emissions had collapsed together with the economy but they soon picked-up, reaching a new high. This is a mistake we cannot repeat. This time, we must decouple economic growth from CO2 emissions. Research tells us that green stimulus packages are not only good for the environment: they also deliver better results for the economy compared to their carbon-intensive alternatives. Investing in clean energy infrastructure, for instance, creates twice as many jobs per euro as fossil fuel investments. Evidence shows that we can grow our GDP while also moving towards a human economy, more focused on people’s well-being and more respectful of our planet. The people of Luxembourg already know the potential benefits of the transition to a cleaner economy. The rebirth of Belval – a former industrial area close to the border with France – offers a very good example. For decades Belval was home to some of the largest steel industries in Luxembourg. But by the end of the last century, the last blast furnace in the industrial site was turned off. Instead of demolishing it, the Luxembourgish authorities saw the potential hiding inside the abandoned factories and the majestic chimneys. From the ashes of the old Belval, a new town has risen – hosting a university campus, a start-up accelerator, a concert hall, a museum, a shopping mall, public and private offices. Today, thanks to European funding, we are building a digital twin of Belval and the city of Eschsur-Alzette: this will allow to analyse traffic, energy needs and much more – to make the area even more liveable and comfortable for its citizens. The crisis of Belval’s steel industry was turned into an opportunity for renaissance. 109