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NGOs Call for Sustainable Finance Focus in EU Agenda

A group of more than 20 NGOs have issued an EU election manifesto that calls on policymakers to make sustainable finance a top priority of the 2024-2029 EU agenda. The NGOs were coordinated by ShareAction through the European Responsible Investment Network. They warned that a failure to legislate sufficiently ambitious policy risks creating dangerous economic instability. The manifesto’s key recommendations include expanding the current taxonomy framework to encourage investments in Europe’s inclusive transition to a zero-carbon economy, as well as creating new definitions for business activities that are harmful. It also suggests bringing forward legislation to increase the amount of capital that insurers and banks must hold relative to their fossil fuel investments to price in climate related risks, and developing minimum mandatory criteria for what constitutes a sustainable investment product to tackle greenwashing. Maria van der Heide, Head of EU Policy at ShareAction, said: “People across Europe expect policymakers to ensure a safe future for them and their families. The incoming European Commission should put ambitious sustainable finance measures at the heart of its agenda, to accelerate the transition to a resilient zero-carbon economy that protects the whole of society.” 

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