(Bloomberg) — European governments approved the most ambitious climate change plan to date, agreeing to pour more than 500 billion euros ($572 billion) into everything from electric cars to renewable energy and agriculture.

The plan is part of Europe’s bid to become the world’s first climate-neutral continent by 2050.

Significantly, for a country where car manufacturing represents a significant part of the economy, no funds were directed toward fossil fuel cars. Subsidies to buy electric vehicles in Germany are so generous that some Renault models can be acquired for free.

By Ewa Krukowska and Laura Millan Lombrana (PUBLISHED July 22, 2020, 6:26 PM)
For BloombergQuint (http://www.bloombergquint.com/)
Image credit: Photographer – Alex Kraus/Bloomberg