FINANCE
The news: This week we reported that as the EU institutions begin negotiations on a new regulation defining sustainability in green finance, a group of ten associations representing the Europe’s bioenergy, agriculture and forest groups have called for a coherent legislative framework to boost investment in sustainable technologies.
The shared objectives of sustainable deployment, the writers say, are “undermined by a significant divergence between the recently approved sustainability requirements within the recast of the Renewable Energy Directive (REDII) and those of the Technical Expert Group’s (TEG) draft report on Sustainable Finance. This lack of coherence casts a shadow over the likelihood of achieving long-term EU climate and energy goals.”
Why significant and what’s next: Climate goals are not going to be achieved while we continue to have this strange “everything except renewable fuels” set-up in the financial world, where green bonds are deployed only in support of power projects and traditional finance is only available to fossil projects. Transport is already the hardest aspect of the climate problem, without the own-goal of poorly structured finance which cherry picks the easy stuff and leads the hard yards to be won by the next generation under the oppressive conditions we will have left them.
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