Around €180 billion of additional investments a year are needed to achieve the EU's 2030 targets agreed in Paris, including a 40 percent cut in greenhouse gas emissions, the European Commission (EC) announced on Thursday.
A year ago, the EC appointed a High-Level Expert Group on sustainable finance to implement a comprehensive set of recommendations for the financial sector to support the transition to the low-carbon economy.
The EC unveiled its new action plan based on the Group's final report on Thursday for a financial system that supports the EU's climate and sustainable development agenda for 2030.
'As our planet increasingly faces the unpredictable consequences of climate change and resource depletion, urgent action is needed to adapt to a more sustainable model,' the EC said.
As a result, 'the Commission is setting out a roadmap to boost the role of finance in achieving a well-performing economy that delivers on environmental and social goals as well,' it continued.
A high-level conference will be organized on March 22 to discuss the action plan presented by the Commission on March 8.
The strategy is 'one of the key steps towards implementing the historic Paris Agreement and the EU's agenda for sustainable development,' the EC noted.
By Ebru Sengul
Anadolu Agency
energy@aa.com.tr