Greentervention is proud to join forces with other civil society organisations and propose this joint report about the Commission European Green Deal.
Mrs von der Leyen has proposed an ambitious European Green Deal. This briefing, prepared by civil society organisations, welcomes the proposal and calls on the new Commission President to equip the proposal with a financing framework equal to the task. We believe that a real, game-changing Green Deal is feasible in the short-term â but only if the European Commission can succeed in overhauling the conditions for both private and public financing.
Summary of recommendations
Shifting private finance from brown to green:
- Amend the non-financial reporting directive to ensure mandatory and harmonized ESG corporate reporting
- Bring a legislative proposal on human rights and environmental due diligence
- Make the âGreen taxonomyâ mandatory for green products and create a ‘Brown taxonomy’
- Deliver a consistent âEU Ecolabelâ for retail investors
- Give institutional investors a duty to reflect their customersâ sustainability preferences
- Penalize brown bank lending in prudential regulations
- Implement existing proposals to reduce short-termism in financial markets
- Revise the CMU strategy to reduce systemic risk and integrate sustainability measures
- Review the Credit Rating Agency regulation to ensure integration of ESG risks
- Use stress tests and macroprudential tools to reduce climate-related financial risks
- âGreenâ the ECBâs collateral framework and corporate bond asset purchases
Mobilising public finance to help fund the transition:
- Link the European Semester to the EUâs environment and social targets
- Give the new Commissioner for the Green Deal the ability to influence financial policy
- Reform fiscal rules to facilitate public investment in decarbonizing the economy
- Eliminate fossil-fuel subsidies via a reporting regime and phase-out plan
- Double the portion of the EUâs budget spent on climate and environment from 25% to 50%
- Ensure that all EU spending is consistent with Paris Agreement goals
- Use the EUâs Cohesion Fund to increase funding for a âJust transitionâ
- Increase the size of the âInvestEUâ fund and give it a greater focus on climate
- Upgrade the EIB with more capital, stronger governance, a fossil-free mandate, and green bond programme
- Mobilise funding from the EBRD and the Council of Europe Development Bank
- Develop the EUâs network of National Promotional Banks
- Review the impact of State Aid rules on National Promotional Banks
- Publish a Communication on âThe role of NPBs in the European Green Dealâ
- Adopt a âmarket-shapingâ approach in competition rules
- Promote fossil- free investing by export credit agencies and other public financial institutions
- Revise the EU Energy Tax Directive to meet Paris Agreement goals
FR
Le rapport est également disponible en français.
Greentervention est heureux de vous proposer aussi une note de lecture en français liée à cette problématique : les rÚgles budgétaires européennes et leur évaluation récente par le Conseil Budgétaire Européen (CBE).
Le CBE rĂ©alise un bilan critique de ces rĂšgles budgĂ©taires complexes et peu transparentes, dĂ©favorables Ă l’investissement public pourtant nĂ©cessaire en soutien des politiques climatiques, et qui non pas non plus suscitĂ© de façon satisfaisante une convergence vers le bas des niveaux de dette publique – ce qui Ă©tait son objectif principal. Revisiter la logique des critĂšres de Maastricht est donc urgent.
[…] C’est avec grand plaisir que je partage avec vous aujourd’hui notre premier grand rapport Ă©crit conjointement avec de nombreuses ONGs :Â Game-changer: Financing the European Green Deal […]
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[âŠ] Deal » ne peut pas se rĂ©sumer Ă un grand plan dâinvestissement comme le document « Game changer » lâa montrĂ©. De nouveaux principes et de nouveaux indicateurs doivent maintenant guider les [âŠ]
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[…] the creation of Greentervention in 2019, we have been working (see for instance, Game-changer: Financing the European Green Deal or European Semester, fiscal rules and the European Green Deal) on all the themes of the letter to […]
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[…] EuropĂ©en, rĂšgles budgĂ©taires europĂ©ennes et dĂ©rĂšglement climatique » ou encore « Green Deal : Une occasion de changer la donne ») tous les thĂšmes de la lettre aux dirigeants de lâUnion en Ă©troite coopĂ©ration avec dâautre […]
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