EU Parliament:The European financial system must throw its weight behind the fight against climate change

“The Socialists and Democrats led today a vote in the economic and monetary affairs committee to facilitate private investment in low-carbon technologies, such as renewable energies, across the EU and thereby meeting the Paris Agreement objectives. The new harmonised rules on benchmarks will help enhance transparency in sustainable financing by establishing clear criteria on sustainability and by fighting ‘greenwashing’. Investments into sustainable projects and assets in Europe are expected to increase thanks to these new rules, according to the European Commission.”

S&D MEP Neena Gill, Parliament’s rapporteur on the low carbon benchmarks, said:

“Over the past years, measures on financing sustainable growth have been far from harmonised and without much concern for the sustainability of our planet. With this report, we want to ensure that this is no longer the case. By introducing harmonised criteria on environmental sustainability and by setting clear requirements for two new types of financial benchmarks, -climate transition and Paris aligned benchmarks-. We want to encourage the financial sector to reduce the carbon footprint and take away any ambiguity on the side of investors aiming to invest in sustainable projects.

“Finance cannot be operating disconnected from the needs of the economy and the EU’s international commitments. It needs to be compatible with our decarbonisation objectives and the fight against climate change.

Source and press release: European Parliament Political Groups S&D

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