THE EUROPEAN COMMITTEE OF THE REGIONS
- warmly welcomes the Commission's "Action Plan: Financing Sustainable Growth", and shares its stated objectives and its willingness to enable the financial sector and private investors to fully play their part in achieving the ambitious and common climate and sustainability objectives;
- calls on the Commission to clarify how a balance can be struck between the partly conflicting aims of the Action Plan with simultaneous preservation of financial stability; points out that the promotion of sustainable finance should not be to the detriment of stability on the financial market;
- believes that this Action Plan and its implementation should be seen in the context of the UN Sustainable Development Goals, and of the EU's stated willingness to pursue these goals;
- is concerned about the effects of climate change within the EU and world-wide, and points out that local and regional authorities (LRAs) often have primary responsibility for mitigating damage caused by increasingly extreme natural phenomena and for investing in adjustment measures;
- stresses that the consequences of climate-related natural disasters are immediately felt in LRAs and that the latter also benefit from securing the long-term competitiveness of the EU economy and from new, more sustainable investment and job opportunities;
- deplores, however, the one-sided focus on environmental elements of sustainability in the Commission's Action Plan, and specifically in the "framework proposal"; insists that social concerns are as integral to sustainability as environmental ones, and that governance issues are also highly relevant, especially in the particular context of investment.