EU's McGuinness Says Re-Engineering of Global Finance Needed

The transcript discusses the European Union's efforts to re-engineer its financial system towards green and sustainable activities. It highlights the need for substantial investment, estimated at 350 billion annually until 2030, to meet climate targets. The EU's new taxonomy aims to provide clarity and benchmarks for businesses transitioning to sustainability. The importance of transparency and equal weight for non-financial sustainability reporting is emphasized. Criticism regarding greenwashing and fossil fuels is addressed, with a focus on the taxonomy's adaptability to scientific and legislative changes. The financial system's role as a driver of change is underscored.

What is the estimated annual investment needed by the European Union to achieve its targets by 2030?

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How does the new taxonomy aim to influence financial investments towards sustainability?

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What is the significance of Earth Day in relation to the discussions on green investment?

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What challenges does the speaker identify in achieving ambitious climate and biodiversity targets?

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What role does transparency play in the context of the new green taxonomy?

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