Despite various EU programs to promote private and public funding for climate action, there is still a significant investment gap. To achieve the climate target for 2030, investments would have to be doubled to 800 billion dollars annually. Meanwhile, fossil fuel subsidies are increasing in the EU. This is the conclusion of a study by the European Climate Neutrality Observatory (ECNO) – the think tank monitors progress on the EU climate targets. Contributors to the study included the Ecologic Institute and the New Climate Institute.