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EU ‘urged’ to decarbonise

IIGCC calls for more ambition ahead of talks on energy union package

EU ‘urged’ to decarbonise image

Some 135 European investors with €18 trillion in assets under management have called on the EU to show greater ambition in the region’s energy package.

In a letter to the European Commission, member states and the European Parliament, the Institutional Investors Group on Climate Change (IIGCC) set out a framework for the EU to consider including a long-term decarbonisation objective to 2050 aligned with the objectives of the Paris climate agreement.

Member states’ 10-year national energy and climate plans should also include an investment strategy, including the role of private finance.

The letter also calls for a minimum and binding EU energy efficiency target of 30%.

It was sent ahead of talks on 30 May on the energy union package, IIGCC said.

IIGCC chief executive Stephanie Pfeifer said: “During the coming weeks ministers at EU Energy Council and MEPs on the ITRE Committee will discuss several crucial areas of EU energy policy.

“We urge them to make decisions that closely reflect the specific recommendations from institutional investors set out in this letter.

“Nothing less will create the robust regulatory framework for future EU energy regulation sufficient to give investors the confidence we need to provide the many trillions of capital required to secure the low carbon transition across the EU and help deliver the pace and scale of global climate action necessary to implement the Paris Agreement.”  

Image: European Commission in Brussels (Amio Cajander)

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