European Commission considers eurobonds and oil taxes for climate emergency

Following an extreme summer marked by wildfires, heatwaves, and severe droughts across Europe, the European Commission is expected to accelerate its green agenda. European Vice President Teresa Ribera is set to propose ambitious and politically sensitive measures to address the climate emergency.

Proposed options include the issuance of common debt, known as eurobonds, to fund necessary investments, as well as the implementation of a tax on oil companies. These proposals face potential resistance from Northern European nations regarding common debt and from right-wing factions concerning both the green transition and new taxation.