EU To Spend Billions To Save Climate
Europe is asking banks and businesses to focus on saving the planet and expects to redirect hundreds of billions of euros of investment towards achieving « climate neutrality » for the continent by 2050, Reuters writes. The European Union has published a vision for sustainable finance, outlining specific targets and measures for the financial sector, business and consumers needed to meet climate goals.
The EC specified that more private funds have been allocated to environmentally responsible investments in recent years, but that clear regulations are needed.
The Commission also said it wanted to suggest changes to regulations governing the banking industry so that so-called ESG factors – those related to the environment, social responsibility, corporate governance – play a key role in risk management.
At the end of June, the European Union finally approved a law that would make it mandatory for member states to meet greenhouse gas emission targets. According to Reuters, the EU is now preparing a new package of measures that would prevent global warming. It has previously agreed to cut net emissions by 55 per cent from 1990 levels by 2030 and to eliminate them by 2050.