. ich contributes to building a Capital Market Union, important foundations for conducive frameworks to mobilise finance for sustainable investments have been put in place. Notably, the EU taxonomy, the energy efficiency first principle and sustainability proofing will be key to leverage their firepower. These guidance documents will use in an appropriate way the criteria esta. Financial institutions and private investors need to have the tools to properly identify sustainable i, nvestments. Increasing the budgetary resources for the Just Transition Mechanism (JTM), which includes the JTF, is equally important. The EU Taxonomy will determine whether an economic activity is environmentally sustainable, based on performance criteria for its contribution to at least one of the six environmental objectives. Propose a Sustainable Procurement Screening’ instrument ensuring the greening of public infrastructure projects, The transition to a sustainable and climate-neutral economy will require substantial investment all over Europe and a strong policy response at all levels. In addition to the temporary solidarity measures designed to mitigate the impact of the coronavirus pandemic, the Committee calls for a reinforced European Investment Stabilisation Function and the immediate implementation of the Budgetary Instrument for Convergence and Competitiveness with an increased budget under the next MFF. Through the Reform Support Programme, the Commission also supports Member States in setting out action plans on circular economy, green budgeting or sustainable finance and investments. Lastly, the EESC also notes that environmental and climate investments to support action outside the EU are needed, especially under the Africa strategy. The social partners and civil society organisations could push for climate-proof spending and should therefore be involved in developing and implementing policies and strategies.
To ensure that the transition is fair and acceptable to all, the allocation will reflect the ability of Member States to address this challenge according to their level of economic development. In its opinions, the Committee states that the budgetary allocation for the Green Deal, private and public investment, and the efficiency of the EU coronavirus response are all crucial to achieving the United Nations' Sustainable Development Goals (SDGs) and the objectives of the Green Deal.
This may need to be advanced to achieve a higher ambition already by 2030. The EU budget will devote a greater share of public spending to climate and environment than ever befor. The EU will provide tools for investors by putting sustainable finance at the heart of the financial system, and will facilitate sustainable investment by public authorities by encouraging green budgeting and procurement, and by designing ways to facilitate procedures to approve State Aid for just transition regions. United in delivering the Energy Union and Climate Action - Setting the foundations for a successful clean energy transition, environmental sustainable investment gap is between EUR 100 billion and EUR 150 billion annually, including environmental protection and resource management.
It will be implemented through shared management in close cooperation with national, regional and local authorities and stakeholders.
By providing an EU budget guarantee to partially cover the risk of financing and investment operations, the InvestEU programme, the successor of the European Fund for Strategic Investments and 13 other EU financial instruments, will mobilise EUR 650 billion over 7 years. Furthermore, the renewed strategy will further increase investment opportunities by facilitating the identification of sustainable investments through clear labels for a variety of sustainable investment products and by developing and implementing an EU green bond standard.
The EU executive is to unveil details of its Sustainable Europe Investment Plan, aimed at mobilising investment of €1 trillion over 10 years, using public and private money to help finance its f MEMO: The European Green Deal Investment Plan and the Just Transition Mechanism explained, Commission Communication on the Sustainable Europe Investment Plan, Proposal for a regulation establishing the Just Transition Fund, Amendments to the Common Provisions Regulation, Cohesion policy action against coronavirus, Improving how funds are invested and managed, Information and communication technologies, Annual Work Programme - Financing decisions, Investing in a Climate-Neutral and Circular Economy, The Just Transition Mechanism: Making sure no one is left behind, Structural Funds management and Governance.
The investment community, including institutional investors, banks, promotional institutions and private equity funds, are invited to make full use of the emerging framework for sustainable investments. Reaching the 2030 climate and energy targets, will require additional investments of EUR 260 bill, .
These measures will be accompanied by dedicated advisory and technical assistance for the regions and projects concerned. The Sustainable Europe Investment Plan (SEIP) is the first comprehensive policy measure to fulfil very ambitious targets of carbon neutrality until 2050 in line with the EU Green Deal. Regions most exposed to transition challenges will be assisted, both financially and administratively, in this endeavour. Territorial just transition plans – the centrepiece of the Just Transition Mechanism.
Each pillar will assist with different grant and financing instruments in order to offer a full range of support options in line with the needs to mobilise investments benefiting the most impacted regions.
It is a new growth strategy that aims to transform the EU into a fair and prosperous society, with a modern, resource-efficient and competitive economy where there are no net emissions of greenhouse gases in 2050, where the environment and health of citizens are protected, and where economic growth is decoupled from resource use. The Just Transition Mechanism included in the Plan will help ensure that the shift towards a sustainable future leaves no one behind.
endstream endobj startxref At the same time, the rules will continue to preserve the integrity of the internal market, while allowing to respect the cohesion objectives enshrined in the EU Treaty, which are at the heart of European integration. While the EU Emissions Trading System will lead to a reduction of carbon intensive power production, a number of Member States are planning to accelerate the phase out hard coal and lignite fired power plants.
Learn more about our policy areas and policy highlights at http://www.eesc.europa.eu/en/policies.