Handling the energy crisis and the de-industrialisation risk

During its meeting on 1 December 2022, the independent tripartite High Level Group on Financing Sustainability Transition chaired by Mr Pier Carlo Padoan continued to ‘think outside-the-box’ on the financial and geopolitical aspects of the sustainability transition in the EU. The following points were discussed:

1. The creation of a new EU Sustainability Fund in response to the current energy crisis, but also in order to mitigate the risk of fragmentation in the EU Single Market and to attract the required long-term investments for a competitive and carbon-neutral European economy.

2. Further measures to tackle the energy crisis, in particular demand-side flexibility measures to alleviate the costs of energy on society while still incentivising demand-reduction.

3. A better coordination of fiscal capacities in the EU.

4. Addressing the risk of European deindustrialisation.

Download​: Recommendations HLG Financing Sustainability Transition - December 2022