Netherlands announces $31B package to meet 2030 climate goals

By Beyza Binnur Donmez

GENEVA (AA) - The Netherlands announced Wednesday that it will spend €28 billion ($31 billion) in the next few years to meet its 2030 climate goals.

"With this package, the Netherlands is making the necessary catch-up in one go. The benefits and burdens are distributed as fairly as possible and the green economy of the future is strengthened," Climate and Energy Minister Rob Jetten said in a statement.

Jetten said the measures will result in an additional emission reduction of approximately 22 megatons per year, which is expected to achieve the target of 55%-60% less CO2 emissions in 2030 compared to 1990.

"The Netherlands has been chasing after the climate targets for years. Now it's time to take the big leap," he said.

Industrial businesses will face a greater CO2 tax, while the government will make the purchase of second-hand electric cars cheaper through subsidies and extra money will be allocated to make homes more sustainable through home insulation and solar panels under the new measures.

The country also hopes to achieve carbon neutrality in the energy industry by 2035 by converting gas power plants to run on hydrogen, connecting wind farms to storage batteries, and constructing offshore solar fields with a total capacity of three gigatons.

According to the government, energy-intensive industrial businesses should be carbon neutral by 2040.