A deal on finance was previously supported by all member states, he revealed. He laid the blame for the change firmly at the door of France, but said he was yet to hear a credible or convincing argument justifying their stance. René Repasi, lead negotiator on the law’s financial clauses, said in a phone interview that finance was the fuel of the world economy and fundamentally connected to the environment. “It goes against the majority views of the EU parliament, Commission and most member states,” he added, questioning the “undue influence" of large countries "willing to pander to the financial sector’s lobbying needs.” “When you exclude finance you exclude a major driver of change,” he said. Richard Gardiner, head of EU policy at the World Benchmarking Alliance, a Dutch nonprofit that examines the sustainability of global companies, called the current approach a “massive rowback on the progress made.” But with the elections looming, some leaders and lawmakers are concerned about antagonizing voters with binding legislation and restrictive requirements.Īs recently as October, the council's proposal was to create laws for the financial sector that individual nation states could opt in or out of. The next European elections are due in June 2024, and many believe after that the chance to add to it will be gone.Īs part of its plan to become climate neutral by 2050, the European Union has adopted a wide range of measures, from reducing energy consumption to sharply cutting transportation emissions and reforming the EU’s trading system for greenhouse gases. This came as a shock to campaigners, who warn if it’s kicked into the long grass, the inclusion of finance may never happen. As a solution, “the Presidency proposes … a possible exclusion of the financial sector which would delay the extension to the financial sector to a later stage.” The proposed rules on the financial sector had led to “difficult problems to overcome in working out a reasonable landing zone” with the European Parliament, it said. Its attempt at breaking the impasse was set out in the confidential briefing. Spain currently holds the council’s presidency, and is trying to get all the member states to agree on their desired version of the law. Many of the latter want less onerous provisions, worried about the impact of stringent regulation on their economies. But there’s currently a standoff on the final text between the European Parliament, which wants tough legislation, and the Council of the European Union, formed of ministers from all 27 member countries. When it was unveiled, environmentalists hailed the law. Nonprofits also warn the new proposal would mean firms merely need to have plans to hit low carbon targets, not actually deliver them – a recipe for greenwashing. 9 briefing obtained by The AP details a watered-down proposal that would drop the entire financial sector from the initial law.īanks and insurers are among Europe’s biggest contributors to global warming, by financing or insuring new oil and gas projects, or agribusinesses that chop down tropical rainforests.
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