In an open letter to the President of the European Commission, leaders from sectors including manufacturing, heavy industry, finance, consumer goods, retail, power generation and technology state that "this is the time to be bold and double down on delivering the Green Deal and achieve rapid, deep and immediate cuts to carbon emissions as demanded by the IPCC.”
The war in Ukraine has sent energy prices soaring, revealing the cost of Europe’s reliance on Russian fossil fuel imports. Together with the IPCC’s latest climate report – which highlights that the green energy transition is within reach, cheaper than continuing to rely on fossil fuels and necessary to limit global warming to 1.5° – the current crisis has prompted the EU to rethink its energy future.
In a bid to strengthen the bloc’s energy security and independence, the European Commission is elaborating the “REPowerEU” plan, which is expected to outline concrete policies and measures for secure, sustainable and affordable energy in Europe.
The plan is due to be released on 18 May, ahead of the end-of-month meetings of the G7 energy ministers and the European Council. It is also set to play a key role in the bloc’s Fit for 55 Package, which includes legislation on renewables and energy efficiency aimed at delivering emissions cuts of at least 55% by 2030.
The letter sends an important signal to EU leaders about business support the for the EU’s energy transition, calling for:
- Accelerating measures to reduce energy consumption through energy efficiency improvements and the circular economy
- Expediting the move away from fossil fuels and towards electrification powered by renewable and fossil-free energy
- Ensuring an inclusive and fair transition process
In an annex to the letter, signatories showcase a number of business solutions, including providing the right financial incentives and instruments to accelerate the necessary investments.
Seizing the opportunities of the energy revolution
At UBP, we recognise not only our responsibility as a financial intermediary to support the green energy transition by financing the solutions needed to achieve this shift, but also the huge opportunities that investing in renewables and energy efficiency offers.
Convinced that the financial sector has a key role to play in the fight against climate change, we are committed to helping our clients make responsible investment decisions that support climate solutions and to offering impactful investment products that can finance the transition to a low-carbon, secure energy future.
Nicolas Faller, Co-CEO, Asset Management, Union Bancaire Privée (UBP)