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Sustainable Finance: a game-changer for growth?
Following the recent publication of the European Commission’s Action Plan for a greener and cleaner economy, AmCham EU’s March plenary meeting was dedicated to sustainable finance and its potential to drive growth.
In her keynote address, Dr Molly Scott Cato, Member of the European Parliament (Greens/EFA, UK) and Rapporteur for the Economic and Monetary Affairs Committee’s draft report, welcomed industry’s commitment to sustainable finance and stressed that a more sustainable financial system has the potential to foster stability and prosperity for businesses. She also called for the Paris Agreement to be embedded within all decision-making processes throughout the European institutions.
The meeting also included a panel discussion featuring:
- Felicia Stanescu, Head of Unit, Financial Services Policy and International Affairs, DG FISMA, European Commission
- Philip Owen, Head of Unit, Climate Finance, Mainstreaming and Montreal Protocol, DG CLIMA, European Commission
- Natasa Sbrizaj, Manager, Public Policy and Government Affairs, 3M
- Flavia Micilotta, Executive Director, European Sustainable Investment Forum (Eurosif)
- Moderated by David Henry Doyle, Head of Government Affairs & Public Policy – EMEA, S&P Global
The panel analysed the key components of the Commission’s Action Plan and identified priorities for the coming months. Panellists agreed that the sustainable finance project will be essential to tackle one of the central challenges of the transition to a low-carbon economy: covering the estimated €180 billion shortfall needed to meet the EU’s 2030 targets. The speakers also welcomed the Commission’s plan to establish principles for a green taxonomy as a basis for its other initiatives.
AmCham EU believes broad cross-stakeholder collaboration will be critical to fully realising the potential of the Commission’s Action Plan, and looks forward to working closely with the Commission, Parliament and civil society in the months and years to come.