28 January 2020

Executive Vice-President Dombrovskis at the Conference on implementing the European Green Deal: Financing the Transition

European Commission Executive Vice President Valdis Dombrovskis announced at a conference on implementing the European Green Deal how the plan will be backed up financially and that the European Commission will support a process to develop European non-financial reporting standards.

Mr Dombrovskis said: “To make the Green Deal a reality, we need a solid funding plan. That's why we devised the European Green Deal Investment Plan, or Sustainable Europe Investment Plan. It puts sustainability at the core of how we invest. It brings together new policy initiatives and existing instruments. This will give us real financing clout — at least €1 trillion over the next decade — to fund sustainable projects across the EU. Around half of that will come from the next EU budget, with at least 25% of spending earmarked to support climate action. We expect this to trigger a further €114 billion in national co-financing for climate and environment projects. Our investment programme InvestEU will leverage around €279 billion of private and public funds for climate and environment related investments between 2021 and 2030. The guarantee will allow the European Investment Bank and other partners to invest in more and higher-risk sustainable projects. In turn, that will attract private investors.

Raising investments is vital, of course. But it has to go hand in hand with the right policy and regulatory environment.Later this year, I will present a renewed sustainable finance strategy, which will include a revision of the Non-Financial Reporting Directive.

This will require companies to increase disclosure on their sustainable activities, and give adequate reliable information on sustainability risks and opportunities.

Not every detail can - or should - be fixed in law. There is also a need for clear reporting standards for companies to apply.

So today, I can tell you that the European Commission will support a process to develop European non-financial reporting standards.”

Full speech on European Commission

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