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).
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.