Policy Study
24/06/2020
Three ideas for a progressive Sustainable Finance agenda
The Sustainable Finance agenda is a critical part of the European Green Deal (EGD). It sets public standards for identifying activities that will accelerate the transition to a low-carbon economy (the Taxonomy), standards that can be deployed to steer private finance from brown towards green activities.
The COVID19 global pandemic has rendered the Sustainable Finance strategy even more pressing.
This policy brief identifies three pillars of a progressive approach to greening the European financial system that would render private finance a critical lever in the transition to low carbon economies.
- Ensure that the Taxonomy minimises greenwashing: strict green & degrees of brown.
- Climate-align the ECB: not just green subsidies but also brown penalties.
- Impose a Green FTT.
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In an article in Delo, László Andor criticises Viktor Orbán government's economic policies, such as not allowing Hungary to join the euro area, which he believes would have helped curb inflation. He also criticises the government for blaming external enemies such as the President of the European Commission, to cover up its own failures.