
About
The European sustainability agenda has made significant strides over the last five years. Key pieces of legislation have positioned the EU as a first mover in the classification of sustainable investment.
The greening of the financial system is necessary if we are to meet our net-zero targets, and, despite progress, important elements of Europe’s green finance infrastructure are absent or inadequate. In early 2024, we continue to see an outsized investment in high-emitting sectors of the economy at the expense of those sectors aligned with a net-zero pathway.
To advance the sustainable finance agenda, progress must be made on several fronts. These include:
- improving access to green capital across Europe;
- increasing the emphasis on transition planning; and
- rethinking financial regulation to strengthen accountability mechanisms and reduce greenwashing.
There is a significant green investment gap in the EU. It is estimated that if we are to meet the goals of the European Green Deal, the yearly additional investment required, from both the public and private sectors, is approximately €300bn.
The scale of this challenge is substantial and the EU is not currently on track to meet its Green Deal objectives. At this policy insight, we will examine the systemic issues that stymie this paradigm shift in the financial system and consider the social dimensions of the European sustainable investment agenda.
This event will take place in Brussels and will also be available to a wider audience via livestream. Follow us on Twitter, LinkedIn, Instagram and join the #FoEDebate!
This policy insight is based on the outcomes of two working group meetings on sustainable finance organised by Friends of Europe. In spring 2024, we will release a report containing the key ideas and recommendations that emerged from the discussions.
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PHOTO CREDIT: pietrmalinak/Shutterstock
Schedule
Speakers

Co-Head, Secretariat at Transition Plan Taskforce and Member of the UK Climate Change Committee
Ben Caldecott is the founding Director of the Oxford Sustainable Finance Group at the University of Oxford Smith School of Enterprise and the Environment. At the University of Oxford, he is the inaugural Lombard Odier Associate Professor of Sustainable Finance, the first-ever endowed professorship of sustainable finance and a Supernumerary Fellow at Oriel College, Oxford. Caldecott is also the founding Director and Principal Investigator of the UK Centre for Greening Finance & Investment (CGFI), established by UK Research and Innovation as the national centre to accelerate the adoption and use of climate and environmental data and analytics by financial institutions internationally. He is also a Visiting Professor at the Wealth Management Institute in Singapore.

Marcel Haag, Director for Horizontal Policies at the European Commission Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA)
Marcel Haag currently holds the position of Director for Horizontal policies at the Directorate-General for Financial Stability, Financial Services and Capital Markets Union. After qualifying as a judge and a short stint in business, he joined the European Commission and worked in different Commission services. Previously, Haag served as a Director for policy coordination in the Secretariat-General of the Commission.

Senior Advisor for Human Rights and Business Department at the Danish Institute for Human Rights
In her current role at the Danish Institute for Human Rights, Signe Andreasen Lysgaard serves as the focal point for the Institute’s work on human rights and finance, where she engages in policy developments, project level collaborations with financial institutions and research activities. Her work focuses on scaling up respect for human rights across the financial sector and within different financial activities. Lysgaard is a Political Scientist and has more than a decade of experience advising companies, financial institutions, governments and civil society organisations across sectors and geographies on corporate respect for human rights. Previously, she worked at the EU Platform on Sustainable Finance and continues to serve as expert advisor to a number of external bodies, including as a member of the EFRAG Sustainability Reporting Technical Expert Group and the PRI Human Rights Technical Expert Group.

Group Chief Sustainability Officer at Generali
In her current role of Group Chief Sustainability Officer at Generali, Lucia Silva leads the definition and the implementation of the Group Sustainability strategy and policies. A senior sustainability professional with 20 years of experience, her focus is on integrating sustainability into the business, looking at insurance products and investment strategies. Prior to joining Generali, Silva worked at KPMG, where she successfully supported various companies from a wide range of sectors in defining and developing their Sustainability strategy. During this period, she was also instrumental in the development and implementation of KPMG’s own Sustainability strategy in the EMEA region (Europe, Middle East, Africa), leading an international network of colleagues.

Paul Tang, Member of the European Parliament Committee on Economy and Monetary Affairs
Paul Tang currently holds the role of Member of the European Parliament for the Socialists and Democrats. He is a member of the parliamentary committees on economy and monetary affairs, budget and industry & energy. Tang has led research at the Dutch Centraal PlanBureau and contributed to the ongoing discussions on how the economic growth and the social welfare state relate to each other, worked on climate change policies and authored political-economic scenarios for Europe. Interested in the impact of political choices on the lives of people, Tang ran as MP for the Dutch Labour Party and served for four years as a spokesperson on financial and fiscal affairs. In the European Parliament, Tang battles for more jobs for Europe, a healthy financial sector at the service of society and more legitimacy for Europe.
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