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Identifying the levers of the transition for the EU 2024-2029 legislative term

The independent tripartite High Level Group on Financing Sustainability Transition met on 19 June 2023 to start taking stock of the European Green Deal initiatives since 2019, and to identify the levers of the transition for the next (2024-2029) EU legislative term. Members discussed the past regulatory reforms, the past carbon pricing reforms, and the redirection of capital (both public and private) towards the transition.

The HLG emphasized the need to complete the Green Deal with a new “Decarbonisation Deal” that will put a strong focus on transition finance, i.e. the necessary investments that contribute to decarbonisation in all activity sectors, yet which are not already aligned with the long-term EU climate objectives. The HLG also recommended a “decarbonisation fitness check” to ensure policy coherence in the full EU legislative acquis, a new “amber” taxonomy for activities with an intermediate level of environmental performance, and a completion of the carbon pricing framework in order to avoid carbon leakage and deindustrialisation down the value chain.

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