US EditionFinance may be junked from EU climate law, leaked memo shows. Critics say it could be unenforceable
- A confidential document obtained by The Associated Press reveals that the flagship EU law aimed at pushing European companies towards net zero emissions is at risk of being significantly weakened by member states. The proposal would drop the entire financial sector from the initial law, including banks and insurers who are major contributors to global warming. Nonprofits warn that the new proposal would only require companies to have plans to hit low carbon targets, rather than actually deliver them.
- Nonprofits warn that the weakened regulation preferred by the EU Presidency would only require companies to show an "obligation of means" rather than an "obligation of results" to align with the Paris Agreement. This could potentially enable companies to greenwash their actions without actually implementing effective measures to address climate change.
- The proposed rules on the financial sector have faced difficulties in reaching a reasonable agreement with the European Parliament. As a solution, the Spanish presidency of the EU Council suggests excluding the financial sector from the law, which would delay its extension to a later stage.
21 Articles
21 Articles
Finance may be junked from EU climate law, leaked memo shows
EU law intended to push companies toward net zero weakened by member states. Banks, insurers excluded from law, leading to greenwashing risk. France driving factor, with proposal to remove legal obligations for financial sector to address environmental harms.
Leaked memo reveals mooted changes to EU sustainability law critics say would make it unenforceable
LONDON (AP) — A flagship EU law intended to push European companies toward net zero faces being seriously weakened by member states, a confidential document passed to The Associated Press reveals, with firms seemingly no longer forced to implement Pa
Leaked memo reveals mooted changes to EU sustainability law critics say would make it unenforceable
A flagship EU law intended to push European companies toward net zero faces being seriously weakened by member states, a confidential document passed to The Associated Press reveals, with firms seemingly no longer forced to implement Paris Agreement goals.
Leaked memo reveals mooted changes to EU sustainability law critics say would make it unenforceable
LONDON (AP) — A flagship EU law intended to push European companies toward net zero faces being seriously weakened by member states, a confidential document passed to The Associated Press reveals, with firms seemingly no longer forced to implement Pa
Leaked memo reveals mooted changes to EU sustainability law critics say would make it unenforceable
LONDON (AP) — A flagship EU law intended to push European companies toward net zero faces being seriously weakened by member states, a confidential document passed to The Associated Press reveals, with firms seemingly no longer forced to implement Pa
Leaked memo reveals mooted changes to EU sustainability law critics say would make it unenforceable
LONDON (AP) — A flagship EU law intended to push European companies toward net zero faces being seriously weakened by member states, a confidential document passed to The Associated Press reveals, with firms seemingly no longer forced to implement Pa
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