- The Technical Expert Group on Sustainable Finance (TEG) has released a statement recommending that the planned Sustainable Finance Taxonomy is used to guide and inform coming stimulus packages and recovery plans post COVID-19.
- In addition to the EU Sustainable Finance Taxonomy, the statement also outlines how other EU tools (e.g. EU Green Bond Standard, Climate Transition Benchmarks) can inform a sustainable recovery from the COVID-19 crisis.
- The experts write that “[r]ecovery plans should not support environmentally or socially harmful activities, which would worsen the current and future crises, locking in highly polluting infrastructure or promoting activities that do not contribute to social wellbeing for decades to come”.
Analysis and Comments
- The TEG statement (which can be found here) makes it clear that the EU Taxonomy has a role to play in providing a framework for both private and public sector recovery plans post COVID-19, including the European Council’s recently announced Roadmap to Recovery.
- As a reminder, the TEG was set up to assist the European Commission in developing, in line with the Commission's legislative proposals of May 2018
- an EU classification system – the so-called EU taxonomy
- an EU Green Bond Standard;
- methodologies for EU climate benchmarks and disclosures for benchmarks; and
- guidance to improve corporate disclosure of climate-related information.
- German environment minister Svenja Schulze, Chancellor Angela Merkel and Wolfgang Schäuble, the president of the country's parliament, have all cautioned that the climate crisis must continue to be a top priority and that any post COVID-19 recovery must happen in a sustainable, future-proof, and climate-friendly way.
- Additionally, an alliance of more than 60 large German and international companies – including ThyssenKrupp, Bayer and Vattenfall – issued a joint statement calling on governments to introduce climate-friendly, long-term economic stimulus programmes.
- Calls and proposals for economic stimulus packages with a focus on “green” measures have been gaining momentum over the past weeks.
Analysis and Comments
- Another commentary in support of implementing “green stimulus” programmes to address the COVID-19 pandemic. As a reminder, this site is a good one to bookmark for everyone tracking the green coronavirus stimulus debate.
- Key date to look out for: The European Commission is currently working on a COVID-19 recovery plan for Europe and is set to present a new proposal for the EU’s seven-year budget (aka the multi-annual financial framework (MFF)) tomorrow.
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Dear @vlemon
It's hard not to feel tired while reading another publication related to C-19 ;)
At this stage it seem to be obvious to me, that we need some huge world global project, which would allow to push economy growth. Either 5g, or fight with global climate change / solar energy - are the ones that could potentially boost economy everywhere accross the globe.
At lest that's how many people seem to see it, and I do understand their reasons.
Enjoy your day, upvoted already.
Yours, Piotr
Dear @crypto.piotr,
Indeed Covid-19 discussions are starting to feel annoying.
But I believe that through this new Quantitative Easing, the only way the population would accept a bailout of the Top 1% + Banks + Big corporations would be through a Green deal as politicians would then be able to repeat the following narrative:
"We ain't saving the powerful, we are saving good companies for the good of our planet".
Best,
@Vlemon
Indeed :/
The EU has been at the forefront of greendeal and renewable energy for a while now, i hope it pulls through because it is visible that it is needed now.
Indeed, this is the only sector (green energy companies) were Europe is actually the top continent for listed and private companies !
For once it ain't China nor the US
I hope their plan works.
I do too as it would be a "good thing' coming out of this pandemic.
I just would really want to get out of this pandemic as soon as possible and go back to our normal lives @vlemon.
I really like to see how responsive you are @gungho
Perhaps I could invite you to project.hope discord server: https://discord.gg/49yuuE
You could read here more about our project and our goals and topics which we cover. Your content would quite often fit our community :)
Cheers,
Piotr
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