Sustainable Finance to Drive Europe’s Green and Inclusive Recovery
Unlocking sustainable investment will be key to ensure Europe’s economic recovery and complete the transition to carbon neutrality by 2050.
Join us at the plenary session “Sustainable Finance for Business Transformation” on 27th October.
we will explore the critical role of sustainable finance in the European recovery WITH THE European Parliament, THE EUROPEAN INVESTMENT, ASVIS, BANK, BASF, BBVA, AND Société Générale.
A non-financial event like the Covid-19 pandemic had a dramatic impact on the real economy of countries and their finances, disrupting overnight the standards of living of citizens worldwide. If we are to build back better our economies and societies, we cannot forgo Environmental, Social, and Governance factors when we make investment decisions.
Finance plays a key role in the recovery as it can contribute to mainstream sustainable business models that take care of people’s health, jobs, the environment, and climate. Before the crisis, the European Commission highlighted the need to mobilise a private capital of 260 billion euros/year to reach the targets of the Paris Agreement and the Sustainable Development Goals by 2030 and climate neutrality by 2050.
With Covid-19 the need to push for sustainable finance became all the more evident after von der Leyen’s State of the Union speech. The Commission President’s pledge to cut emissions by at least 55 percent by 2030, requires major changes in almost all areas of life, from energy production, forestry, and agriculture to transport and building technologies. While the new climate target does not propose extra rules for the financial industry, it expects a lot from financiers.
In May the EU calculated that the Green Deal and climate-related recovery funding would only cover about 28 percent of required investments to meet the old 2030 goals. That meant the rest would need to be covered by private capital and national governments. But more climate ambition means more investment: the new 55 percent emissions reduction goal will require as much as €438 billion per year over the next decade in energy system investment alone, without counting transportation, upgrading buildings and the like.
Join us at the plenary session “Sustainable Finance for Business Transformation” of the European SDG Summit 2020 on 27th October, 11:00-12:30 CET. We will discuss the future direction of the European policy to expand the European Taxonomy, the review of the Non-Financial Reporting Directive, and sustainable investments with Pascal Canfin, President of the European Parliament’s Committee on the Environment, Public Health and Food Safety, and Hakan Lucius, Head of Corporate Responsibility and Stakeholders Engagement at the European Investment Bank.
From the companies’ side, how can they make more sustainable investments? What are the available methodologies? How should companies measure their impact and disclose information about their ESG performance? Saori Duburg, BASF Vice-President, Antoni Ballabriga, Global Head of Responsible Business at BBVA, Enrico Giovannini, former Italian Minister of Labour and President of ASviS will present the different options available. Instead, Hacina Py, Head of Impact Finance Solutions at Société Générale, will delve deep into the role of the financial sector and banks as actors that can enhance the dialogue between companies and investors.
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