The European Commission has published a Communication detailing the Sustainable Europe Investment Plan that will support the European Green Deal Investment Plan. The Communication is accompanied by a proposed Regulation to establish a Just Transition Fund and a Factsheet explaining the Plan. Feedback on the proposed Regulation can be submitted until March 12, 2020.
The Communication describes the Sustainable Europe Investment Plan, which is the investment pillar of the European Green Deal Investment Plan. According to the Commission, the Sustainable Europe Investment Plan will enable the transition to a climate-neutral, green economy, and includes plans to enable the framework for private investors and the public sector, allowing for financial institutions and investors to identify sustainable investments.
The Commission has also announced the following steps to be taken in 2020:
- Prepare the legislation on the EU's climate change objectives (the other legislation on the environmental objectives of the EU taxonomy will be developed by the end of 2021);
- Explore how the EU's taxonomy relating to climate change can be used by the public sector, beyond InvestEU;
- In Q1 2020, undertake a public consultation on a renewed sustainable finance strategy aiming to present a renewed strategy in Q3 2020; and
- Establish an EU Green Bond Standard and assess how it can increase public and private finance for sustainable investments.