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    EC Group Urges EU to Stop Public Financing of Fossil Fuels Industries

    © AFP 2019 / JOE KLAMAR
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    The European Union should cancel any kind of financial support to industries related to fossil fuels and encourage low-carbon investments in order to support EU climate policy and contribute to implementation of Paris climate accord, the European Commission's High-Level Expert Group (HLEG) on Sustainable Finance said on Thursday.

    MOSCOW (Sputnik) — "The EU Multiannual Financial Framework should be aligned with EU climate and energy goals… and explicitly move away from financing fossil fuels to clean energy," the group said in its interim report Financing a Sustainable European Economy.

    The experts said that over the next two decades, Europe needed about 180 billion euros ($205 billion) annually, notably in clean energy, to keep the increase in global temperatures below 2 degrees Celsius, as the Paris climate agreement stipulates.

    "By reorienting public and private financial flows towards green and sustainable efforts, we can help mitigate the risks posed by climate change, and create new jobs and sustainable economic growth in the process," the group added.

    The High-Level Expert Group on Sustainable Finance was established in December 2016 as part of the EU commitment to the Paris Climate Agreement. It comprises 20 senior experts from various European and international institutions. The group plans to elaborate the final recommendations on sustainable finance before 2018.

    The Paris climate agreement was adopted within the United Nations Framework Convention on Climate Change in December 2015 and came into force in November 2016. It has been signed by more than 190 countries and ratified by 153. As stipulated in the document, all parties should maintain the increase in average global temperature at below 2 degrees Celsius above pre-industrial levels by reducing greenhouse gas emissions.

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