On Monday 20 September, the European Court of Auditors (ECA) will publish a special report on the EU’s actions to stimulate sustainable investments.
ABOUT THE TOPIC
Many economic activities in the EU are still carbon-intensive. To achieve the 55 % greenhouse gas emissions reduction target by 2030 will require additional annual investment of around €350 billion in the energy system alone, according to the Commission. Experts have estimated that reaching net-zero emissions in the EU by 2050 will require total capital expenditure of around €1 trillion per year in the 2021-2050 period. Of that amount, EU financial support could currently help provide over €200 billion per year in the 2021-2027 period. This shows how big the investment gap is, and demonstrates that public funds alone will not be enough to achieve the above goals.
ABOUT THE AUDIT
The EU auditors have examined whether the European Commission has been taking the right action to redirect finance towards sustainable investments while addressing the cost of unsustainable economic activities. They have also assessed whether EU financial support follows consistent sustainability criteria and contributes to generating sustainable investment opportunities.
The report can feed into the implementation of the 2021 Strategy for Financing the Transition to a Sustainable Economy that will finalise and build on measures initiated under the 2018 Sustainable Finance Action Plan.
ECA press office will hold a virtual briefing on Monday 20 September. Journalists who wish to participate should contact firstname.lastname@example.org for details.
The report and press release will be published on the ECA website eca.europa.eu at 5:00 p.m. CET on Monday 20 September.
The ECA member responsible for this report is Eva Lindström.
The ECA’s special reports set out the results of its audits of EU policies and programmes or management topics related to specific budgetary areas. The ECA selects and designs these audit tasks to be of maximum impact by considering the risks to performance or compliance, the level of income or spending involved, forthcoming developments and political and public interest.