EU harnesses finance to create climate neutral continent by 2050 | Malay Mail

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BRUSSELS, July 6 — The European Union said today it will harness banks and markets to funnel hundreds of billions of euros annually into sustainable investments and create the first “climate-neutral continent” by 2050. The EU’s sustainable finance strategy sets out detailed milestones and...

BRUSSELS, July 6 — The European Union said today it will harness banks and markets to funnel hundreds of billions of euros annually into sustainable investments and create the first “climate-neutral continent” by 2050.

It builds on an EU initiative in 2018 which set the stage for the bloc’s ‘taxonomy’ or classification of truly green investments, and mandatory climate-related disclosures by companies. The EU executive said it will also propose changes to bank rules so that environmental, social and governance factors are core to managing risks on their books.

The EU executive published proposals for voluntary standards for “green” bonds that finance sustainable investments.

 

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