A coalition of European business leaders, politicians, NGOs, trade unions, and academics has today joined a growing chorus of voices across the continent calling on the EU to help tackle the economic fallout from the coronavirus pandemic through an unprecedented green investment programme.

In a major boost to the Europen Commission's Green Deal strategy, 180 signatories, including executives from blue chips such as PepsiCo and Microsoft, as well as major green groups and members of European Parliament, have committed to work together and share knowledge and expertise to create an effective green investment environment to help drive the bloc's economic recovery.

"Covid-19 will not make climate change and nature degradation go away," argues the call to action, which was reportedly spearheaded by Pascal Canfin, European Parliament environment committee chair. "We will not fight Covid-19 without a solid economic response. Let's not oppose these two battles, but let's fight and win them at the same time," it adds.

The group is calling for recovery plans established at all levels of government to enshrine the fight against climate change at the core of their post-crisis economic strategy, building on existing decarbonisation plans and strategies. "The European Green Deal and other national zero carbon investment plans have a  huge potential to build back our economy and contribute to creating a new prosperity model", the statement reads, adding that "the time has come to turn these plans into actions and investments".

The group warns the shock to the economy caused by the coronavirus pandemic will be tougher than the 2008 financial crisis. "We therefore welcome the declaration of European leaders stating that they will do "whatever it takes" to tackle the social and economic consequences of this crisis," it argues. "However, what worked for the 2008 financial crisis may not be sufficient to overcome this one."

Writing on Twitter, Microsoft president Brad Smith argued "cross-sector collaboration will be key to Covid-19 recovery". "Our plans need to include environmental goals, because what's good for the planet is good for humanity," he said, adding that the tech giant had signed Pascal Canfin's Green Recovery call to action.

Other high profile corporate signatories included executives from Enel, E.ON, Volvo Group, L'Oréal, Danone, Ikea and its parent company Ingka Group.

First announced last year, the European Green Deal proposes to stimulate economies and create jobs while building a net zero economy across the EU by mid-century. It prompted a flurry of new policy proposals in the first quarter of 2020, including a new Climate Law that would legally require all member states to draw up strategies towards reaching the goal, alongside a new Industrial Strategy and Circular Economy plan.

But the spread of coronavirus has sparked growing fears that green policies could be sidelined as governments respond to the inter-locking health and economic crises. Major auto-industry groups have already called on the EU to delay emissions rules in light of Covid-19 induced shutdowns, while campaigners fear some governments could fast track carbon intensive projects as part of their recovery plans.

As a result, pressure on the EU to put the European Green Deal at the core of its post-Covid 19 stimulus strategy is building, with today's missive mirroring similar calls last week from a more than a dozen EU environment ministers.

"The Green Deal provides us with a roadmap to make the right choices in responding to the economic crisis while transforming Europe into a sustainable and climate-neutral economy," ministers from France, Spain, Italy, Germany and Sweden wrote in a joint op ed published on Climate Change News. They pointed specifically to the European Green Deal Investment Plan as a tool to "boost green recovery and a just transition".

Other countries to sign the letter included the Netherlands, Greece, Austria, Denmark, Finland, Portugal, Latvia, and Luxembourg. However, the Green Deal also faces opposition from some quarters, with Poland having previously opposed calls for more ambitious climate targets and some carbon intensive industries lobbying hard for a watering down of current policies.