Incoming EU chief wants to 3 trillion euro climate investment: FAZ

BERLIN (Reuters) - Incoming European Commission President Ursula von der Leyen wants to invest some 3 trillion euros ($3.31 trillion) in climate protection by 2030, the Frankfurter Allgemeine Zeitung (FAZ) reported on Tuesday.

Von der Leyen, who takes over as head of the European Union executive on Dec. 1, wants to make Europe the first climate neutral continent by 2050.

Citing internal European Commission plans, the FAZ reported that the lion’s share of 1 trillion euros should come from the EU budget, with the remainder coming from the European Investment Bank, EU member states, and the private sector.

Von der Leyen wants at least half of the EU’s budget focused on climate protection, to achieve annual investment of 100 billion euros, the FAZ reported.

Writing by Paul Carrel; Editing by Alexandra Hudson