Press releases

Today, the European Commission proposed its Renewed Sustainable Finance Strategy, setting out how it intends to make the bloc’s financial system more sustainable. Despite some welcome initiatives, the Commission’s green investment labelling plans are heading dangerously in the wrong direction.

Consumers are set to gain much-needed extra protections when they take out a loan, according to proposals the European Commission published today. With many consumers still feeling the financial effects of COVID-19, BEUC praises these added protections, which come just at the right time.

BEUC’s representative to the EU’s advisory Platform on Sustainable Finance (PSF) - Director General Monique Goyens - has resumed her activities on the Platform. Monique had suspended her participation in April 2021 in protest against the European Commission’s adoption of a Delegated Act which greenwashes unsustainable practices in forestry and bioenergy.

The EU Taxonomy – the bloc’s classification system to define which investments can be called ‘sustainable’ – risks becoming little more than a greenwashing tool following the inclusion of climate-harming practices in sectors like forestry and bio energy. These plans are set to undermine the EU’s Green Deal – supposed to make the EU a frontrunner in the climate fight – and prevent Europe delivering on its climate goals.