A number of environmentally concerned organisations across the continent have called on the European Union (EU) to develop an ‘ambitious investment plan’ in order for the bloc to meet its climate and biodiversity goals.
The open letter represents 47 businesses, civil service organisations, associations, and investors. It calls for the Commissioner Delegates and executive vice presidents to prioritise investments in efforts to transition to a zero-carbon economy.
It wrote: “Europe must swiftly mobilise significant public and private resources to limit global warming to 1.5°C, preserve biodiversity and ecosystems, and avert the catastrophic impacts of climate change. However, the EU currently lacks a long-term plan to drive green and social investment. Without a clear strategy, the EU risks losing its competitive edge and undermining the future success of the Clean Industrial Deal.”
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It added: “Climate and nature action presents a significant economic opportunity for Europe and its businesses. A sound investment agenda must underpin an ambitious industrial strategy centred on climate neutrality and resilience. This is a prerequisite for the Union to lead in developing nature-based solutions and building industrial value chains that align with social needs, good governance and planetary boundaries.”
One call to action within the letter is a ‘predictable and stable regulatory framework’ in order to attract private investment. There are also additional calls for public investment to steer the transition and attract private capital, and a major investment plan to deliver on competitive sustainability.
The letter continued: “Maintaining, implementing and enforcing EU environmental and climate laws is of paramount importance as businesses require certainty to integrate climate action and circularity into their strategies and to roll out the most efficient emission reduction technologies and pollution prevention techniques. Investors need stability to reap benefits from sustainable investments and to mitigate the growing financial risks posed by climate change and ecosystem loss.”
It concluded: “A greener EU budget and a successor to the Next Generation EU programme must stand at the heart of a comprehensive investment package. EU funds, public banks and national budgets can collectively catalyse investments in the green transition, build sustainable infrastructure and restore nature.”
This letter comes around six months after the release of Investing in Europe’s Prosperity: A Vision for Financing the Transition to Sustainability 2024-2030, which runs to 118 pages. That report was put together by the WWF, in association with ShareAction and E3G. Six objectives were laid out in its pages to help support the transition on the continent.
At the time, PA Europe wrote that the six objectives were: channelling investment for an effective transition; ensuring consistency and effectiveness of sustainability reporting; removing obstacles for consumers to invest sustainably; setting strong standards for due-diligence and engagement by financial institutions; accounting for climate and sustainability risk; and enhancing accountability and sustainability expertise in corporate governance.
Among the signees to this new open letter are the WWF, the European Environmental Bureau, the Green Finance Institute, Uber, and Carbon-Free Europe.
