Boost for ‘greener’ financial markets

Quaker MEP Molly Scott Cato is rapporteur for a recently adopted report on aligning EU financial markets to long-term sustainable goals

A report to align EU financial markets to long-term sustainable goals has been adopted by the Economic and Monetary Affairs Committee of the European Parliament.

The report on Sustainable Finance stresses the need to establish a policy framework that guides investments towards ‘decarbonised, disaster-resilient and resource-efficient economic activities’. The rapporteur of the report for the European Parliament was Quaker MEP Molly Scott Cato.

Proposals include encouraging divestments from unsustainable energies and phasing out subsidies to fossil fuels.

Molly Scott Cato said: ‘Today’s vote is a signal of the positive shift taking place towards investment in sustainable sectors of the economy.’

She added: ‘There is a growing realisation, across the political spectrum, that if we are to safeguard future generations from climate chaos and meet our obligations under the Paris Agreement, we must rapidly decarbonise. Finance offers a powerful tool to accelerate that transition and a common understanding of what constitutes sustainable finance will help guide investment towards such a transition.’

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