Transition finance in the EU: is the framework fit for purpose?
- Admin
- Feb 15, 2024
- 1 min read
On 22 November 2023, the independent tripartite High Level Group on Financing Sustainability Transition chaired by Mr Pier Carlo Padoan took stock of the current state of transition finance in the EU, and assessed how the existing tools apply to the needs of the financial sector and of the companies engaged in the net-zero transition. Since then, the research team further developed the technical assessment of the situation and bilateral expert consultations continued.
The HLG appreciated and stressed the EU's considerable endeavour in setting up an advanced sustainable finance architecture, aiming at making Europe the first climate-neutral continent by 2050. However, it also identified a number of gaps in the current framework, indicating that investments could still be better channeled towards the transition in an improved regulatory framework.
Recommendations are divided between short-term actions that can be immediately applied by the means of clarifications and technical adjustments to the current legal framework, and long-term actions (2024-2029) that require new legislative initiatives by the (next) European Commission.
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