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The EU Commission calls for a climate neutral Europe by 2050
Today the European Commission adopted a strategic long-term vision for a prosperous, modern, competitive and climate neutral economy by 2050 – A Clean Planet for all.
The strategy shows how Europe can lead the way to climate neutrality by investing into realistic technological solutions, empowering citizens, and aligning action in key areas such as industrial policy, finance, or research – while ensuring social fairness for a just transition.
The Vice-President responsible for the Energy Union, Maroš Šefčovič said : We cannot safely live on a planet with the climate that is out of control. But that does not mean that to reduce emissions, we should sacrifice the livelihoods of Europeans. Over the last years, we have shown how to reduce emissions, while creating prosperity, high-quality local jobs, and improving people’s quality of life. Europe will inevitably continue to transform. Our strategy now shows that by 2050, it is realistic to make Europe both climate neutral and prosperous, while leaving no European and no region behind.”
The European Commission is putting in place the necessary reforms to give the incentives to the financial sector to contribute to the green transition. Shifting and rapidly scaling up private investment is essential to avoid the ‘lock-in’ of fossil fuels infrastructure and carbon intensive assets. The additional investment needed is too high for the public sector to provide alone, so the private sector will need to fully play its role. To attract enough private investment, the right conditions and incentives need to be put in place for investors to fund projects such as low-carbon and energy-efficient infrastructure. By pioneering action through its Capital Markets Union, the EU will be at the forefront of the changes in the global finance industry. They will create wide-ranging opportunities for investors, and help EU citizens who want to channel their savings towardsmore environmentally friendly and socially responsible companies and sectors through a EU classification system- or taxonomy. This will also help position Europe - and the European financial sector - as the leading destination and source for investments in green technology development.
