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The European Commission’s action plan on sustainable finance: promoting a sustainable future in the European Union and beyond

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  • Valdis DOMBROVSKIS

Abstract

The European Union (EU) is strongly committed to achieving the climate commitments of the Paris Agreement and the United Nations Sustainable Development Goals. Considerable investment is necessary to meet this challenge and public money will clearly not be sufficient. Adding to the challenge are potential threats to financial stability such as a risk of sudden asset repricing. Sustainable finance, which aims to mobilise private capital towards sustainable investment and provide tools and frameworks for managing the risks, has a major role to play in this situation. In March 2018, the European Commission adopted an ambitious action plan on financing sustainable growth. The action plan proposes a comprehensive EU strategy on how the financial sector should support the transition towards a climate-neutral and more inclusive economy, while safeguarding financial stability. Looking forward, there is great potential to scale up sustainable finance globally, by encouraging cooperation across different jurisdictions. This article outlines the Commission’s approach to tackling the challenges of the transformation to a more sustainable economy.

Suggested Citation

  • Valdis DOMBROVSKIS, 2019. "The European Commission’s action plan on sustainable finance: promoting a sustainable future in the European Union and beyond," Financial Stability Review, Banque de France, issue 23, pages 77-83, June.
    • Handle: RePEc:bfr:fisrev:2019:23:9
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    Cited by:

    1. Ewa Dziwok & Johannes Jäger, 2021. "A Classification of Different Approaches to Green Finance and Green Monetary Policy," Sustainability, MDPI, vol. 13(21), pages 1-15, October.
    2. Baer, Moritz & Campiglio, Emanuele & Deyris, Jérôme, 2021. "It takes two to dance: Institutional dynamics and climate-related financial policies," Ecological Economics, Elsevier, vol. 190(C).
    3. Gaganis, Chrysovalantis & Pasiouras, Fotios & Tasiou, Menelaos & Zopounidis, Constantin, 2021. "CISEF: A composite index of social, environmental and financial performance," European Journal of Operational Research, Elsevier, vol. 291(1), pages 394-409.
    4. Mario La Torre & Helen Chiappini (ed.), 2020. "Contemporary Issues in Sustainable Finance," Palgrave Studies in Impact Finance, Palgrave Macmillan, number 978-3-030-40248-8, December.
    5. Simona Galletta & Sebastiano Mazzù & Valeria Naciti & Carlo Vermiglio, 2022. "Gender diversity and sustainability performance in the banking industry," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(1), pages 161-174, January.
    6. Marta de la Cuesta-González & Cristina Ruza & José M. Rodríguez-Fernández, 2020. "Rethinking the Income Inequality and Financial Development Nexus. A Study of Nine OECD Countries," Sustainability, MDPI, vol. 12(13), pages 1-18, July.
    7. Liebich, Lena & Nöh, Lukas & Rutkowski, Felix & Schwarz, Milena, 2020. "Current developments in green finance," Working Papers 05/2020, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
    8. Pina Murè & Marco Spallone & Fabiomassimo Mango & Stefano Marzioni & Lucilla Bittucci, 2021. "ESG and reputation: The case of sanctioned Italian banks," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(1), pages 265-277, January.

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