To reach Europe’s 2030 energy and climate goals – a minimum 40% reduction in greenhouse gas emissions compared to 1990 levels; at least a 27% share of renewables in final energy consumption; and at least 30% energy savings compared with the business-as-usual scenario – an additional €180 billion a year is needed, states the European Commission.
This figure increases to €270 billion, annually, when the goals for the energy, transport, water and waste sector as a whole, are combined, adds the European Investment Bank (see graphic below).
To achieve this, and create a long-term sustainable, greener financial system, the commission has today released a roadmap, detailing five key challenges and corresponding actions to be taken (see graphic below).
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Between this March and the third quarter of 2019, it aims to address the identified challenges
“With over €100 trillion in assets, the financial sector has huge potential for green investments. The financial sector must be part of the solution and can play a critical role in achieving the EU’s sustainability goals. However, engaging private finance in a systematic way requires systemic changes to the EU financial eco-system,” said the commission.
It will hold a conference on March 22 in Brussels to discuss the new action plan in more detail.
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