Recommendations following the meeting on 20 October 2021
On 20 October 2021, the HLG took stock of the recent EU initiatives, namely the Fit for 55 package and the renewed EU Sustainable Finance Strategy. Comments and recommendations have been made regarding carbon pricing, transition finance, as well as the socio-economic impacts in the current context of increasing energy prices.
The HLG recognized that the proposed EU measures have rightly put a stronger emphasis on the gradual decarbonization efforts of industry, rather than simply rewarding assets and activities that are already sustainable. Yet, given the complexity and interdependences of the recently proposed package, attention should be paid to the potentially harmful effects that may arise with other important EU political objectives. Preserving a high level of European competitiveness and socio-economic cohesion is crucial to ensure a smooth progression of all sectors on the pathway towards sustainability.