As the European Commission's high-level conference on implementation of the European Green Deal was being held on Tuesday 28 January (see other news), the European Federation of Investors and Financial Services Users (BETTER FINANCE) was questioning whether the measures proposed would be enough to reach carbon neutrality by 2050 and provide sustainable value for money for European citizens as savers and investors.
BETTER FINANCE fully supports the European Green Deal (see EUROPE 12388/1), but says in a statement issued on Monday 27 January that it is concerned that the project does not have the potential to “land on the moon”.
As an example, the organisation quotes the Commission's goal of reducing carbon emissions by 50-55% by 2030, despite the fact that a number of studies have indicated that carbon emissions need to be reduced by at least 60-65% by 2030 for this to be achieved.
According to BETTER FINANCE, another important issue is the question of who will fund the European Green Deal. It believes that the Commission's investment plan, which was presented in mid-January (see EUROPE 12403/1), may not be enough to achieve the goals that have been set, thereby raising the question of national inputs.
The organisation is also concerned about the shortcomings of the taxonomy on sustainable finance (see EUROPE 12393/20), which it believes does not represent “a single grammar to greening financial markets”, and about the proposed European eco-label for financial products, the award criteria for which it considers is too weak. (Original version in French by Marion Fontana)