Coronavirus

Renewable energy, 5G, Al, and Cybersecurity are going to be the gainers in the EU COVID-19 recuperation plan.

The EU commission explains this act as the beginning of fulfilling the green circular economy and digitization. The commission reports that Europe needs these investments in artificial intelligence and clean energy to move to the future.

The EU is a bloc looking forward to the erection of world-class buildings, infrastructure, and a united economy. The commission is championing for the roll-out of renewables projects for a clean Europe. They hope that the installation of charging stations for Evs as well as rail travel revolutionizes the cities and the region as a whole. The EU says that they are ready to support any business which plans to invest in digitization and green energy. 

The commission says approximately €1.5 trillion is the minimum amount to rejuvenate the economy during this crisis. The revision of the budget must follow after that to prevent the exhaustion of the reserve deposits. The commission proposes borrowing more funds by issuing bonds to financial markets to recuperate the economy. 

The EU commissions report that it has three investment pillars to evolve from the crisis. First, it says they can directly support their member states through investment. Secondly, they can come up with incentives to attract private firms. The final pillar is strategically analyzing vital lessons from the coronavirus pandemic and developing plans to fill the vulnerabilities. 

The first pillar is a plan to support the digitization and adoption of green energy by the member states. 

For the second pillar, accruals from the incentives are going to support the most affected areas. The excess is going to the private investment projects of the EU. The final pillar concentrates on health programs, security, and solving future crises. 

Ursula von der Leyen, the EU commission president, is positive that this recovery plan turns the problem into an opportunity. The commission is also aware that the investments will create more jobs for the citizens of member states. The president adds that this proposal is ambitious and an inspiration for the next generation. Its success is going to attract attention from other trade blocs. The only challenge is for the plan to obtain political agreement from the council. 

Finally, the approval of the proposal by the EU parliament is crucial for its swift implementation. This proposal is going to alter the economy. Renewable and the technology industries will likely benefit from the success of the recommendations. Notable firms to enjoy these privileges are 5G, Al, solar and wind energy farms, and Cybersecurity.