Estimates vary but according to one consultancy, Europe will have to invest €28tn over the next 30 years in order to neutralise greenhouse gas emissions and achieve its ‘first climate-neutral continent’ ambitions.
Needless to say, that is a lot of money. Far more than what the public purse can afford and, currently, far more than the level of investment being made in clean energy, low-emission transport and other pollution-busting policies.
That is why it has been generally accepted that private capital is going to do most of the heavy lifting and public money is going to have to act as a catalyst or a sweetener for most clean technologies and green projects.
Enter the European Union.
This week, governments and EU lawmakers agreed on a new set of rules for green bonds, a financial instrument that offers great potential to start redirecting cash towards sustainable endeavours.
Much like food labels, there needs to be a certain amount of harmonisation on...