List of Illustrations

Fig. 1.1

Public investment, % GDP

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Fig. 1.2

Change in the ratio of public investment / GDP between 2025 and 2021

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Fig. 1.3

Key EU grant programmes to support investment, % of 2021 GDP

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Fig. 1.4

Payouts from the Recovery and Resilience Fund

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Fig. 1.5

Local and central government investment (2005=100)

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Fig. 1.6

Multiplier of GDP in response to public investment at different level of Government

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Fig. 1.7

Contract awards for public investment

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Fig. 1.8

Contract award for digital public investment

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Fig. 1.9

Cumulative value of contract awards for public investment linked to the RRF

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Fig. 1.10

EU capital transfers, % GDP

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Fig. 1.11

Fossil fuel import dependence in the EU, average 2016–2020

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Fig. 1.12

Share of fossil fuels in gross inland consumption (GIC) and concentration index (HHI) for the imports by type of fuel.

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Fig. 1.13

Oil and gas storage in the EU

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Fig. 1.14

Replacing natural gas imports from Russia by 2030, billion cubic metres.

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Fig. 2.1

General government investment Constant prices, in billions of euros

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Fig. 2.2

Evolution of General Government Net Wealth as a Percentage of GDP.

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Fig. 2.3

Net General Government Investment by Component as a % of GDP.

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Fig. 2.4

Comparison between trajectories of GDP and investment during the COVID-19 crisis and the subprime crisis

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Fig. 2.5

Additional investment by scenario and by sector of activity (average annual amounts for each period)

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Fig. 2.6.

The ThreeME model.

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Fig. 2.7

Contribution of consumption, investment, and trade balance to additional GDP in both scenarios (model results).

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Fig. 2.8

Additional jobs by scenario and sector (model results).

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Fig. 3.1

Public Investment and Investment Grants (% of GDP)

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Fig. 3.2

Tangible Investment of Local and State Governments in 2021 (Euro per inhabitant)

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Fig. 4.1

Government gross fixed capital formation (GFCF): real values and trend at constant 2019 prices for Italy.

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Fig. 4.2

Average time for project phases of public works in Italy (lots) by amounts 2012–2021 average.

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Fig. 4.3

Resources for Construction and Civil Engineering.

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Fig. 4.4

Capital expenditure for environmental services, REAL VALUE.

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Fig. 4.5

Percentage of NRRP funding by mission

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Fig. 4.6

Percentage of green investment by mission (left) and breakdown of green investment by mission (right)

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Fig. 4.7

Estimate of resources for territorial authorities by NRRP Mission.

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Fig. 5.1

Evolution of the energy mix in Spain in absolute terms (1965–2020, TWh).

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Fig. 5.2

Evolution of the energy mix in Spain in relative terms (1965–2020, %).

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Fig. 5.3

Energy mix in Spain (2020).

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Fig. 5.4

RD&D investments in the energy sector in Spain.

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Fig. 5.5

Spain. Natural gas sourcing by origin in 2021.

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Fig. 7.1

Green spending in the national Recovery and Resilience Plans, counted using the European Commission’s flagship classification (% of total green spending).

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Fig. 7.2.

Green spending by Bruegel’s own Level 2 classification (% of total green spending)

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Fig. 7.3

Annual average capital investments worldwide to reach net-zero CO₂ emissions by 2050 ($ billions, 2019 prices).

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Fig. 7.4

Average yearly global investment needs in order to reach net-zero CO₂ emissions from energy by 2050, different estimates ($ trillions).

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Fig. 7.5

Average annual investment needs to reduce EU emissions by 55% by 2030, compared to baseline trend and historical data (€ billions, 2015 prices).

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Fig. 8.1

Composition of public spending to support green investment in 2021–2030 in the EU.

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Fig. 8.2

Solar and wind power—Annual change in installed capacity in the EU.

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Fig. 8.3

Cumulative investment in power grids in 2022–2030 and historical.

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Fig. 8.4

Cost of electric car subsidy programmes and annual sales of BEVs.

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Fig. 8.5

The evolution of public transport use.

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Fig. 9.1

Fuel price trajectories used for REPowerEU and Fit for 55 analysis.

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Fig. 10.1

GFCF (left) and EFG (right) as a percentage of GDP (top) and per capita (bottom) in thousands of euros, 2001–2019. Source: elaboration by the authors from Eurostat COFOG data.

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Fig. 10.2

GFCF (left) and EFG (right) as a percentage of public sector PCE and RPCE, 2001–2019. Source: elaboration by the authors from Eurostat COFOG data.

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Fig. 10.3

Components of the EFG and RPCE, averages over the years 2001–2007, 2008–2013, and 2014–2019.

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Fig. 10.4

PCE over GDP ratio and GFCF over GDP ratio for EU countries averages over the years 2010–2019.

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Fig. 10.5

Change in EFG over GDP and change in RPCE over GDP between 2001–2009 and 2010–2019.

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Fig. 10.6

CA in EU28 countries in the EFG, 2001–2019.

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Fig. 10.7

AA in EU28 countries in the EFG, 2001–2019.

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Fig. 10.8

AA per capita in EU28 countries in the EFG, 2001–2019.

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Fig. 11.1

The flow chart of the certification process of green financial products.

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Fig. 11.2

Proposed Approach for Assessing Climate Mitigation Additionality.

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