The European Commission unveiled its strategy for a financial system that supports the EU’s climate and sustainable development agenda. As our planet increasingly faces the unpredictable consequences of climate change and resource depletion, urgent action is needed to adapt to a more sustainable model.
Around €180 billion of additional investments a year are needed to achieve the EU’s 2030 targets agreed in Paris, including a 40 percent cut in greenhouse gas emissions. This is why, on the basis of the recommendations set out by the High-Level Expert Group on sustainable finance (HLEG), the Commission today set out a roadmap to boost the role of finance in achieving a well-performing economy that delivers on environmental and social goals as well.
Today’s Action Plan on sustainable finance is part of the Capital Markets Union’s (CMU) efforts to connect finance with the specific needs of the European economy to the benefit of the planet and our society. It is also one of the key steps towards implementing the historic Paris Agreement and the EU’s agenda for sustainable development, and if you are interesten in more, here’s the EU Commission press release.