A coal storage yard in Ningbo city, China
have the potential to mobilise the nec- essary financing at scale. The EU’s sustainable finance framework, built on a taxonomy defining sustainable economic activities and mandatory sus- tainability disclosures, plays a key role in channelling funds for the green tran- sition, as it enables market participants to understand, assess and integrate climate and other sustainability impacts into their decisions. At the international level, the EU is working with its G20 partners and beyond to develop principles for financial institutions and corporate transition plans, inter- operable sustainability disclosures and taxonomies, aiming to drive a similar ambition in partner countries and facil- itate cross-border financial flows. Creating the conditions conducive to greater financing for climate miti- gation and adaptation is critical. This includes creating an enabling environ- ment, introducing effective financial instruments to reduce investment risks and fostering a pipeline of bank- able projects. For the first time, at the request of Brazil’s G20 presidency this year, finance and climate ministries are working together in the joint Task Force on Global Mobilization against Climate Change to establish recommendations on how to advance ambitious national transition plans and reset climate finance on a more ambitious path. The magnitude of the challenge is daunting – but I remain hopeful. In 2022, developed countries provided and mobi- lised $115.9 billion in climate finance for developing countries, exceeding the annual goal of $100 billion for the first time. Reaching this milestone was made possible by the contribution of the EU and its member states, which increased by 24% from the previous year to reach approximately $30 billion. I believe this result can help foster trust and secure an ambitious agreement on a new cli- mate finance goal for the post-2025
period. It should be designed to acceler- ate the mobilisation of climate finance at the necessary scale. This means broadening the contributors’ base and mobilising all sources of finance, all actors and channels – public and private, domestic and international. It means identifying new, innova-
tive measures and sources. Above all, it means viewing climate finance as a global effort, shared fairly and as part of our broader action to achieve the United Nations Sustainable Develop- ment Goals. The green transition must be a just one, or it will not succeed. The EU will continue to play its part.
Æ PAOLO GENTILONI ËÖäáäÂÚãéÞáäãÞÝÖè×ÚÚãÀêçäåÚÖã¾äââÞèèÞäãÚçÛäçéÝÚÀØäãäâîèÞãØÚ¿ÚØÚâ×Úç %ÃÚåçÚëÞäêèáîèÚçëÚÙÖèÄéÖáîąèåçÞâÚâÞãÞèéÚç " $âÞãÞèéÚçäÛÛäçÚÞÜãÖĚÖÞçèÖãÙÞãéÚçãÖéÞäãÖáØääåÚçÖéÞäã "ÖãÙâÞãÞèéÚçäÛØäââêãÞØÖéÞäãè " $ÃÚìÖèÖâÚâ×ÚçäÛ ÄéÖáîąè¾ÝÖâ×ÚçäÛ¿ÚåêéÞÚèÛçäâ éä %ÊéÝÚçåäèéèÂÚãéÞáäãÞÝÖèÝÚáÙÞãØáêÙÚØÝÖÞçäÛÄéÖáîąè½çäÖÙØÖèéÞãÜÎÚçëÞØÚèÒÖéØÝÙäܾäâ - âÞééÚÚèåäàÚèåÚçèäãÛäçéÝÚâÖîäçäÛÍäâÚÖãÙØäêãØÞááäçÞãéÝÚ¾ÞéîäÛÍäâÚËçÞäçéäÚãéÚçÞãÜåäáÞéÞØèÝÚìäçàÚÙÖèÖåçäÛÚèèÞäãÖáßäêçãÖáÞèé
@PaoloGentiloni
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