Green finance

EU green finance advisors asked to clarify ‘transition’ to net-zero climate goal

Energy & Environment 27-01-2021

The European Commission has asked advisors to rework the EU’s green finance taxonomy rules after member states rejected draft implementing guidelines, unhappy about the exclusion of gas as a “transition” activity towards net-zero emissions.

How the EU taxonomy can be the tool for dynamic climate transition

The EU’s “sustainable Taxonomy” has been sometimes portrayed as a binary tool defining which economic activities are sustainable and which ones are not. In fact, it can benefit a wide cross-section of Europe’s economy, writes Nathan Fabian.
Climate change 27-01-2021

Europe strongly impacted by extreme weather, says new Climate Risk Index

The Berlin-based think tank Germanwatch published its Climate Risk Index for this year just in time for the virtual Climate Adaption Summit (CAS2021). The Global South tends to suffer more from extreme weather than the North, but Germany is also been among the 20 most severely affected countries worldwide over the past 20 years.

European Central Bank sets up climate team, considers green bonds

Climate change will be key to the review of the European Central Bank's policy, its president, Christine Lagarde, announced on Monday (25 January), marking a possible shift towards 'greener' monetary policy.
Economy & Jobs 26-01-2021

Banks ask for better data to implement EU green finance taxonomy 

The availability of good data is seen as one of the main challenges to implement the EU taxonomy on sustainable finance, according to a test conducted by banks published on Monday (25 January).

‘Gas is over’, EU bank chief says

We need to face the reality that the future is no longer in fossil fuels and need to show credibility on that, said President of the European Investment Bank, Dr Werner Hoyer on Wednesday (20 January).

Brussels postponed green finance rules after 10 EU states wielded veto

The European Commission was forced to delay publication of detailed implementing rules on the EU’s sustainable finance taxonomy because of the sheer number of comments received and a threat of blockage from eastern and southern EU member states, EURACTIV can reveal.

Adaptation: a backdoor to the sustainable finance taxonomy for fossil gas?

While all eyes have been fixed on the EU Sustainable Finance Taxonomy’s climate change mitigation threshold, the parallel process for climate adaptation has received less attention – to potential detrimental effects, writes Jonas Helseth.

EU agrees to set aside 37% of recovery fund for green transition

Negotiations between the European Parliament and EU member states on the bloc's coronavirus recovery fund concluded early on Friday morning (18 December), unlocking €265 billion of the total €672.5 available for the green transition in EU countries.

EU faces Franco-Dutch call for rules to stop ‘greenwashing’

French and Dutch securities regulators called on Tuesday (15 December) for European Union rules to prevent "greenwashing" or inaccurate claims that investments are sustainable and climate-friendly.
Energy 11-12-2020

Fossil fuels axed from EU’s just transition fund, but loophole remains for gas

The European Parliament reached a provisional agreement with EU member states on Wednesday (9 December), which sees fossil fuels axed from the EU's just transition fund but finding their way back into EU regional development funding until 2025.

EU taxonomy should be led by science to drive sustainable investment

Meeting the climate target requires rapid realignment and mobilisation of finance at a massive scale. To avoid greenwashing, the EU's sustainable finance taxonomy needs to establish screening criteria, rooted in science and linked to the metrics of climate change, writes Peter Sweatman.

Europe can hit climate neutrality goal at net-zero cost: report

Although cutting emissions to net-zero by 2050 will destroy jobs and push up the costs of doing business in some sectors, it will bring gains elsewhere that will make up for the difference, according to a new study by McKinsey & company.
Energy 04-12-2020

On carbon pricing, policymakers are now thinking beyond emissions trading

Changes taking place in the UK and US could force a rethink of the EU’s flagship climate policy, the Emissions Trading Scheme.

While coal premiums soar, insurance groups still supports oil and gas

Insurance companies have accelerated their withdrawal from coal this year, making it costlier to secure insurance for new projects. However, the insurance industry is still underwriting oil and gas companies, according to new research.

EU green finance rules at risk of deviating from science

Some of the draft emission thresholds contained in the EU's sustainable finance taxonomy are not aligned with climate neutrality and deviate from scientific evidence, raising concerns about political and industry pressure, write Tsvetelina Kuzmanova and Sara Dethier.

EU Commission drafts world’s first ‘green list’ for sustainable investment

The European Commission on Friday (20 November) launched "the world’s first ever ‘green-list’" of sustainable economic activities for private investors by publishing draft guidelines under the EU's green finance taxonomy.

The EU’s green finance taxonomy: an Orwellian mechanism

The European Commission’s sustainable finance taxonomy bears all the hallmarks of failed governance: opacity, imprecision, and subjectivity with a punitive approach albeit not assumed, writes Daniel Guéguen. In short, it’s an Orwellian mechanism, he argues.

Warsaw says ‘further analysis needed’ before EU’s 2030 climate target can be agreed

Further analysis into the impact of tougher climate goals on EU member states is needed before Poland can sign up to the European Commission’s proposed 55% greenhouse gas reduction target for 2030, a senior Polish minister has said.

Finance: becoming green while in the red

Money talks, but it also needs to listen: listen to the demand for change for a financial system that takes account of non-financial issues, from climate change to social inclusion, writes Commissioner Mairead McGuinness.
Climate change 16-11-2020

EU countries urged to support ‘green recovery’ across the globe

European countries should use their influence as shareholders to encourage green investments in countries across the world, said Climate Envoy for the Netherlands, Marcel Beukeboom, as the High Ambition Coalition launched its Statement on a Resilient Recovery.

Development banks make landmark climate pledge, but no fossil fuel phase out

The world’s public development banks on Wednesday (11 November) pledged to align their financial firepower with the Paris Agreement on climate change, but avoided a firm commitment to phase out fossil fuel financing. As a source of funding for many...

EU bank approves €1 trln green lending plan

European Union governments approved a €1 trillion green "roadmap" for the bloc's lending arm on Wednesday (11 November) that will see it stop financing fossil fuel projects and airport expansions, though climate groups said it did not go far enough.

LEAK: Only zero-emission cars will win EU green investment label

From January 2026, all cars sold in Europe will need to emit zero grams of CO2 per kilometre in order to be considered "sustainable" under the EU's green finance taxonomy, according to a leaked draft seen by EURACTIV.

It’s time for recovery finance to step up

Development banks and finance institutions must step up if we are to make the sustainable recovery needed after the COVID-19 pandemic, write Rachel Kyte and Laurence Tubiana.
Contribute