Today, the European Commission has published its much-awaited Action Plan for Financing Sustainable Growth. This document embodies the Commission’s reflections on how to transpose the key recommendations of the High-Level Expert Group on Sustainable Finance (HLEG), published earlier this year. The Action Plan presents clear targets that will allow for the inclusion of sustainability in the European Capital Markets Union.
This Action Plan on sustainable finance is part of the Commission’s broader efforts to connect finance with the specific needs of the European and global economy for the benefit of the planet and our society. Specifically, this Action Plan aims to:
1. reorient capital flows towards sustainable investment in order to achieve sustainable and inclusive growth;
2. manage financial risks stemming from climate change, resource depletion, environmental degradation and social issues; and
3. foster transparency and long-termism in financial and economic activity.