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.  At a marathon five-day summit in Brussels, heads of government reached a deal on an unprecedented economic rescue plan and seven-year budget for the region worth 1.8 trillion euros ($2 trillion). Almost a third of that is earmarked for climate action, offering the bloc’s 27 nations a chance to develop clean energy resources, stimulate the market for emissions-free cars, invest in budding technologies, and promote energy efficiency.

“Never before, has so much of an EU budget been allocated to combating climate change,” said German Environment Minister Svenja Schulze. “The commitments to climate action and environmental protection are important and necessary, but the distribution of funds must reflect that.”

The plan is part of Europe’s bid to become the world’s first climate-neutral continent by 2050, putting it ahead of other major emitters such as the U.S., China, and India in the global fight against unstoppable temperature rise. The proportion of the European package earmarked for climate projects illustrates that contrast dramatically. Only $54 billion of the trillions of dollars of recovery funds pledged globally will be channeled into green policies, while $697 billion has been allocated for carbon-intensive sectors such as air travel and fossil fuel extraction, according to a Bloomberg NEF report released prior to the EU’s stimulus deal.
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