The European Union Commissioner for Financial Services, Mairead McGuinness, said on Thursday (7) that the energy crisis in Europe makes evident the need to increase investments in renewable energy production. "We have to accelerate efforts towards the use of renewable energy. The less dependent on natural gas and oil, the faster we become more sustainable and able to meet our climate goals." said the European official during the EU Summit on Sustainable Investment, held today.
According to McGuinness, the increase in energy prices relies on several factors related to supply and demand. She also said that it is necessary to provide support for the poor population, which is more vulnerable to the rise in the cost of electricity.
However, the commissioner argued that the EU must, at the same time, remain focused on its climate goals.
European Union Economy Commissioner Paolo Gentiloni said that there needs to be an effort by the bloc to facilitate investments in the energy transition. During the event, he asked the bloc countries not to repeat what happened after the financial crisis of 2009, when, according to the authority, public investment dropped to zero.
Gentiloni highlighted an EU effort to support these projects. In addition, he said the bloc is going to produce statistics that can help move forward with the green transition.
Vice President of the European Commission and European Union Commissioner for Trade, Valdis Dombrovskis, pledged to create a "coalition" of trade ministers from the bloc's partner countries who aspire to promote trade in sustainable goods and services during a speech at an event on sustainable investments.
The commissioner announced that he will call authorities for a meeting on the matter next year to comprehensively promote "trade and sustainability as a way to help us achieve our environmental and climate goals."
Dombrovskis also stated that he has been seeking European partners of the Group of 20 (G-20) "commitments" towards climate neutrality in sustainable food systems. "A transition of the scale we envision will also have a major social impact for generations to come. Therefore, it must be fair and inclusive, not leaving any vulnerable regions or groups behind," he said.
According to him, to achieve the goals of reducing carbon emissions by 55% by 2030, the EU will need to invest around 355 billion euros annually over the next decade, in addition to another 130 billion euros to achieve other environmental goals. These resources are in the Sustainable Investment Plan for Europe, which in addition to promising at least 1 trillion euros, raises from 20% to 30% the amount for "climate expenses" of the EU budget, said Dombrovskis.
The director-general of the International Monetary Fund (IMF), Kristalina Georgieva, highlighted that "many economies were left behind" in this global recovery, with less availability of vaccines against covid-19, less money to apply support policies and fewer ways to deal with the new global framework. In this context, she praised the European Union's efforts to move towards climate neutrality, saying that measures are needed to make economies worldwide more resistant to crashes.
Georgieva praised the EU's effort to designate 1 trillion euros for green technologies. According to her, this amount is essential for the world to advance over the next decade. During her speech, Georgieva also warned that the window to prevent an excessive increase in the earth's temperature "is closing fast"; hence, the importance of actions is right in front of us.