EESC asks the European Commission to be more ambitious in efforts to steer the EU economy and finance towards sustainability

At its December plenary, the European Economic and Social Committee held a debate with European Commissioner McGuinness on how to achieve a greener, more sustainable and more digitalised European economic and financial system.

The plenary saw a number of opinions adopted in an effort to help pave the way for a truly more sustainable EU. In one own-initiative opinion, the EESC proposes that a series of new indicators be developed to complement GDP and help with the transition. In another opinion, the EESC supports the goal of redirecting investments, but thinks many of the measures proposed by the EC in its renewed sustainable finance strategy often appear too hesitant and disregard the critical concept of social sustainability.

Moreover, EU taxonomy does not embrace environmental and social goals in equal measure and leaves doubts about controversial economic activities. Lastly, in a third opinion, the EESC welcomes the idea of a new voluntary European Green Bond Standard and makes critical recommendations as to how to turn it into a truly powerful instrument to help direct investors towards investments in projects that have a positive impact on the environment. (tk)