European Commission plans to help finance sustainable growth could help re-direct capital from conventional power plants to wind energy, according to WindEurope.
The draft legislation published today aims to create a checklist of green investments and financing activities that would be used by regulators to encourage banks to fund projects, WindEurope said.
EU securities and insurance rules will also be revised so that sales advice on financial products takes into account the sustainability preferences of a client, it said.
Asset managers and institutional investors would have to disclose how they include sustainability in strategies and decision-making, WindEurope added.
WindEurope chief executive Giles Dickson (pictured) said: “Investing in conventional power assets will also become more expensive due to the additional climate risk.
“This should help attract new investors and unlock new funds to invest in wind energy projects.”