Past Event

Sustainable finance

Bruegel Annual Meetings, Day 3 - In this session on the final day of the Meetings, our panelists will discuss the future of finance and its sustainability.

Date: September 3, 2021, 10:15 am Topic: Banking and capital markets

VIDEO AND AUDIO RECORDINGS

Bruegel · Sustainable finance

The low carbon transition will require a rapid re-orientation of finance, as climate risks are disclosed and green investments become more attractive. The EU developed an elaborate framework for sustainable finance and other jurisdictions are putting similar frameworks in place. In the meantime, private sector companies and financial institutions made numerous net-zero commitments and investors are becoming more assertive in their engagements in the exposed sectors.

In this session, the speakers took stock of what had been accomplished in EU policy, and assessed what role sustainable finance could play in the low-carbon transition. Will shortcomings in other areas, such as carbon pricing and corporate sector disclosure, ultimately frustrate a de-risking in the financial sector? Will EU efforts sufficiently reflect the need to mobilize climate finance in emerging markets? These questions are also discussed at the November UN climate summit (COP-26).

summary

by Klaas Lenaerts

Our speakers were invited to share their views on the state and future role of sustainable finance in the low-carbon transition.

Alexandra Jour-Schroeder, Deputy Director-General of DG FISMA, presented an overview of the Commission’s Action Plan and current policy initiatives such as the green taxonomy, disclosure regulations and the Green Bond Standard. She then turned to the EU’s future strategy and how it responds to a changed global context and improved understanding since the last action plan.

Alberto De Paoli, CFO at Enel, praised Europe’s leading role in the move to sustainability and said that a further acceleration is needed, because the market for sustainable finance is still not big enough to finance the transition, and questions about greenwashing remain. The transition goes beyond climate change: it will change the way capitalism works with stakeholders. In 10 years’ time, all finance should be sustainable by default. Mr. De Paoli further argued that we need to hurry in the fight against climate change.

Pierre Heilbronn, Vice President of the EBRD joined the other speakers in praising the EU’s leadership in sustainable finance. The EBRD is also prioritising the green transition, along with digitalisation and inclusion, which are all interlinked. The transitions must be just in order to be acceptable. With the new US administration, the EBRD will be able to further strengthen its climate commitments.

In the panel discussion, speakers discussed, among others things, how to concretely advance the use of green bonds and whether the EU’s elaborate framework hinders or promotes sustainable finance.

Schedule

Sep 3, 2021

10:15-11:15

Conversation and Q&A

Chair: Maria Demertzis, Deputy Director

Alberto De Paoli, Chief Financial Officer, Enel Spa, Co-Chair of the United Nations Global Compact’s CFO Taskforce for the SDGs

Pierre Heilbronn, Vice President, Policy and Partnerships, European Bank for Reconstruction and Development

Alexandra Jour-Schroeder, Deputy Director General of Directorate-General for Financial Stability, Financial Services and Capital Markets Union, European Commission

Speakers

Maria Demertzis

Deputy Director

Alberto De Paoli

Chief Financial Officer, Enel Spa, Co-Chair of the United Nations Global Compact’s CFO Taskforce for the SDGs

Pierre Heilbronn

Vice President, Policy and Partnerships, European Bank for Reconstruction and Development

Alexandra Jour-Schroeder

Deputy Director General of Directorate-General for Financial Stability, Financial Services and Capital Markets Union, European Commission

Location & Contact

Palais des Académies, Rue Ducale 1, Brussels

Katja Knezevic

[email protected]

Read about event More on this topic
 

Past Event

Past Event

Is China’s private sector advancing or retreating?

A look into the Chinese private sector.

Speakers: Reinhard Bütikofer, Nicolas Véron and Alicia García-Herrero Topic: Global economy and trade Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: May 18, 2022
Read about event
 

Past Event

Past Event

[Cancelled] Shifting taxes in order to achieve green goals

[This event is cancelled until further notice] How could shifting the tax burden from labour to pollution and resources help the EU reach its climate goals?

Speakers: Niclas Poitiers and Femke Groothuis Topic: Green economy, Macroeconomic policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: May 12, 2022
Read article
 

External Publication

The Global Quest for Green Growth: An Economic Policy Perspective

A review on green growth and degrowth arguments.

By: Klaas Lenaerts, Simone Tagliapietra and Guntram B. Wolff Topic: Global economy and trade, Green economy Date: May 5, 2022
Read about event More on this topic
 

Past Event

Past Event

What is in store for Euro area economies?

ECB Executive Board Member Philip Lane discusses the outlook for Euro area economies.

Speakers: Maria Demertzis and Philip Lane Topic: European governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: May 5, 2022
Read about event More on this topic
 

Past Event

Past Event

COVID-19 and the shift to working from home: differences between the US and the EU

What changes has working from home brought on for workers and societies, and how can policy catch up?

Speakers: Jose Maria Barrero, Mamta Kapur, J. Scott Marcus and Laura Nurski Topic: Inclusive growth Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: April 28, 2022
Read about event More on this topic
 

Past Event

Past Event

From viruses to wars: recent disruptions to global trade and value chains

How have events in recent years impacted global trade and value chains and how can we strengthen these against future disruptions?

Speakers: Dalia Marin, Adil Mohommad and André Sapir Topic: Global economy and trade Date: April 27, 2022
Read article More by this author
 

Blog Post

Owning up to sustainability risks: the EU should champion international standards

To keep European Union capital markets open and integrated, new international standards should be reflected in future European law and accounting practice to provide further incentives for a reallocation of capital, reflecting in particular climate risks.

By: Alexander Lehmann Topic: Banking and capital markets, Green economy Date: April 26, 2022
Read about event More on this topic
 

Past Event

Past Event

War in Ukraine: What is the effect on Central and Eastern Europe?

How is the war in Ukraine affecting the countries in the central and eastern parts of Europe, the countries that are closest to the ongoing conflict?

Speakers: Beata Javorcik and Guntram B. Wolff Topic: European governance Date: April 26, 2022
Read article More on this topic
 

Blog Post

Climate migration: what do we really know?

While uncertain, studies suggest that climate change will cause significant internal and international migration over the next century.

By: Klaas Lenaerts and Simone Tagliapietra Topic: Global economy and trade Date: April 25, 2022
Read about event
 

Past Event

Past Event

War in Ukraine: How to make Europe independent from Russian fossil fuels?

In this episode of the Sound of Economics live we discuss whether REPowerEU can make sure that Europe has affordable and secure energy supplies in both the near and long term.

Speakers: Diederik Samsom, Georg Zachmann and Guntram B. Wolff Topic: European governance, Green economy Date: March 31, 2022
Read about event More on this topic
 

Past Event

Past Event

Tackling future risks to banks

How to address vulnerabilities in banks in the coming years?

Speakers: Maria Demertzis and Elizabeth McCaul Topic: Banking and capital markets Date: March 29, 2022
Read about event More on this topic
 

Past Event

Past Event

Macroeconomic and financial stability in changing times: conversation with Andrew Bailey

Guntram Wolff will be joined in conversation by Andrew Bailey, Governor of the Bank of England.

Speakers: Andrew Bailey and Guntram B. Wolff Topic: Macroeconomic policy Date: March 28, 2022
Load more posts