Construction site of a 365-meter wind turbine being built by German firm Gicon in Schipkau, Germany, April 8, 2026. (Axel Schmidt/Reuters)

The EU's Green Deal has delivered deindustrialization, fiscal burdens, and failed prestige projects.

France, Estonia, the Netherlands, and Finland are concerned about the European Union’s intention to exclude green investments from its spending rules, according to recent reports. Concern is understandable: Taking the leash off more green “investments” is a recipe for sky-high spending, and six years into the EU’s Green Deal, it has become clearer than ever that this combination of environmental legislation and green subsidies has been detrimental for the continent’s already struggling economy.

“This is Europe’s man-on-the-moon moment,” European Commission President Ursula von der Leyen declared at the launch of the EU’s Green Deal in 2020. Today, that moonshot looks less like ...

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