In order to meet the EU’s climate and energy targets for 2030 and reach the objectives of the European Green Deal and the upcoming zero-pollution action plan, it is fundamental to direct investments towards sustainable projects and activities that reduce pollution along with performing on other environmental objectives. The current COVID-19 pandemic has reinforced the need to redirect capital flows towards sustainable projects in order to make our economies, businesses and societies, in particular health systems, more resilient against climate and environmental shocks and risks. Moving towards a toxic-free environment would have clear co-benefits for health and the environment. To achieve this capital shift, a common language and a clear definition of what is ‘sustainable’ is needed. This is why the action plan on financing sustainable growth called for the creation of a common classification system for sustainable economic activities, or an “EU taxonomy”, with its underlying six environmental objectives including in the area of “pollution prevention and control”.
- Nick Marchesi, Senior Environmental Specialist, Environment, Climate and Social Office (ECSO), European Investment Bank (EIB)
- Nathan FABIAN, Chief Responsible Investment Officer, Principles for Responsible Investment (PRI)