An open letter to Antonio Tajani, President of the European Parliament and Miguel Arias-Cañete, Commissioner for Climate Action and Energy – organisers of the High-level Conference on financing the energy transition for jobs, growth, and investment 1
Dear President Tajani & Commissioner Arias-Cañete,
Ahead of the upcoming high-level conference entitled ‘Financing the energy transition for jobs, growth and investment’, we the undersigned organisations assert our unequivocal support for a shift in EU financing towards meeting the objectives of the Paris Agreement, and to accelerate an ambitious, just and inclusive decarbonisation for the benefit of all Europeans.
We are convinced that economic prosperity and sustainability go hand in hand. Indeed, the clean energy transition represents a remarkable opportunity for European governments, businesses and our society as a whole, and it can boost the competitive edge of European industries in global markets.
Financial commitments made by the EU now will vastly influence the shape of the European and global economy. If we want our society to be prosperous, safe and environmentally sustainable whilst driving global innovation the EU needs to set itself on a bolder and more forward-looking financial pathway.
The EU has rightly pursued its role as pace-setter in international climate action and the zero-carbon transition. However, to keep the EU on this trend, more actions will be necessary. To this end, we see huge potential in the EU’s financial system to contribute to elevating the EU into pole position.
Against this background and in relation to the upcoming conference at which you will speak, we highlight our collective vision for how the EU can edge ahead in the global zero-carbon transition:
- The EU acts on the key recommendations of the High-level Expert Group on Sustainable Financing to set out ambitious shifts in non-public financial flows and regulation
- A forward-looking and EU added-value oriented EU budget that increases its climate action spending, completely excludes support to fossil fuels, and supports all sectors and regions to achieve ambitious 2030 climate and energy objectives, sets the pathway for the mid-century decarbonisation of economies across Europe
- Europe’s leading investment banks enhance their financing portfolios towards greater support for renewable energy and energy savings projects, both in the EU and outside the EU
- The EU continues to provide scaled up, transparent and accountable financial support to its partner countries, in particular developing countries facing the most dangerous impacts of climate change.
We urge EU leaders not to miss the opportunity provided by the Paris Agreement and its implementation to re-shape the European and global financial system.
Doing so will accelerate Europe’s clean energy and energy security, safeguard the EU’s own financial system from potential future shocks associated with climate change, including stranded assets. It will also facilitate a more fair and inclusive transition and make EU financing as a whole more efficient.
We believe that the EU, together with businesses, trade unions and civil society, can unlock the potential of the financial system to serve higher and mutually re-enforcing climate ambition both in Europe and worldwide.
Download the letter here: Open Letter to Canete and Tajani – High level Conference on clean energy financing