EU Commission unveils action plan for a greener, cleaner economy

EPA-EFE/DEAN LEWINS

The Port Kembla industrial area and steel works, Wollongong. The European Commission warned that the planet increasingly faces the unpredictable consequences of climate change and resource depletion, calling for urgent action to adapt to a more sustainable model.

Commission calls for a more sustainable model


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The European Commission said on March 8 that the EC has 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,” the Commission said in a press release, adding that around €180 billion of additional investments a year is needed to achieve the EU’s 2030 targets agreed in Paris, including a 40% 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 (March 8) 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,” the Commission said.

“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,” the Commission said, adding that is also one of the key steps towards implementing the historic Paris Agreement and the EU’s agenda for sustainable development.

 

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