In brief: The European Commission has launched a well-trailed consultation on its renewed sustainable finance strategy, which it aims to adopt in the second half of this year and is closely linked to its green economic growth plan.
Announcing the consultation, Commission executive vice president Valdis Dombrovskis said: “We are currently battling the coronavirus outbreak, but we must not lose sight of our long-term sustainability objectives, including making Europe climate-neutral by 2050.
“Creating a more sustainable and resilient economy will be a key focus of the recovery phase and the Renewed Sustainable Finance Strategy will be essential to mobilising much-needed capital.”
In the Commission’s words, the strategy will mainly focus on three areas:
- strengthening the foundations for sustainable investment by creating an enabling framework, with appropriate tools and structures;
- increasing opportunities for citizens, financial institutions and corporates to have a positive impact on society and the environment; and
- ensuring climate and environmental risks are fully managed and integrated into financial institutions and the financial system as a whole, while ensuring social risks are taken into account where relevant.
The consultation is open until 15 July, and can be found here.