IIGCC comment on the European Green Deal
The European Commission today published details of its proposed “European Green Deal” policy framework.
Stephanie Pfeifer, CEO, Institutional Investors Group on Climate Change, explains: “Europe is now on its way to becoming the first ever climate neutral continent. Investors will on the whole be pleased with the indicative plans for the EU’s Green Deal. The financial and economic benefits on offer from enhanced climate ambition are huge. Working to a single, economy-wide policy agenda also means Europe is better placed to deliver its share of the Paris Agreement.
“It’s important the EU is working to put a 2050 climate neutrality target into law, while looking at how the existing climate and energy targets align with this ambition. There is no time to lose in strengthening the 2030 greenhouse gas emissions reduction target as the next step in this process, so that the EU can ideally resubmit new 2030 targets to the UN climate process during 2020. This will provide investors with confidence that the EU is serious in delivering on the commitments it has made, as well as sending a strong signal to the rest of the world during a key moment in the international climate negotiations.
“All eyes will now be on the EU leaders’ summit later this week, where they need to sign off on a carbon neutral future. Investors with over €6 trillion in assets have written to heads of government asking they ensure this happens. Europe should embrace this important moment to demonstrate global leadership on climate change.”
“IIGCC looks forward to working closely with the EU institutions over the coming months in order to ensure that policy outcomes are both sustainable and investable.”
IIGCC recently worked with over 40 of its members, with over €6 trillion in assets, to call on EU leaders to approve a net zero emissions target at the European Council later this week (12-13 December). Earlier this week IIGCC also joined business, sub-national governments and civil society leaders to call on the Commission to urgently revise its 2030 greenhouse gas emissions reduction target.
About IIGCC: The Institutional Investors Group on Climate Change (IIGCC) is the European membership body for investor collaboration on climate change and the voice of investors taking action for a prosperous, low-carbon future. IIGCC has more than 190 members, mainly pension funds and asset managers, across 14 countries, with over €28 trillion assets under management.