The European Commission’s action plan on sustainable finance: promoting a sustainable future in the European Union and beyond

Valdis Dombrovskis

Financial Stability Review, 2019, issue 23, 77-83

Abstract: The European Union (EU) is strongly committed to achieving the climate commitments of the Paris Agreement and the United Nations Sustainable Development Goals. Considerable investment is necessary to meet this challenge and public money will clearly not be sufficient. Adding to the challenge are potential threats to financial stability such as a risk of sudden asset repricing. Sustainable finance, which aims to mobilise private capital towards sustainable investment and provide tools and frameworks for managing the risks, has a major role to play in this situation. In March 2018, the European Commission adopted an ambitious action plan on financing sustainable growth. The action plan proposes a comprehensive EU strategy on how the financial sector should support the transition towards a climate-neutral and more inclusive economy, while safeguarding financial stability. Looking forward, there is great potential to scale up sustainable finance globally, by encouraging cooperation across different jurisdictions. This article outlines the Commission’s approach to tackling the challenges of the transformation to a more sustainable economy.

Date: 2019
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