Climate finance: EU and member states' contributions continued to increase in 2019

Contributions from the EU and its member states to support developing countries in reducing their greenhouse gas emissions and coping with the impacts of climate change continued to rise in 2019, confirming a steady upward trend since 2013. 

The climate finance support provided by the EU and its member states (the UK included) amounted to 23.2 billion[1] in 2019, a 6.9% increase compared to 2018. The total without the UK stood at 21.9 billion, a 7.4% increase compared to the total for the EU 27 in 2018.

These figures were confirmed to member states’ senior experts in the EU Economic Policy Committee today.

The climate finance contribution is seen as an important step in the implementation of the legally binding climate change agreement reached in Paris in December 2015.

The latest figures demonstrate the EU’s determination to continue scaling up its international climate finance contribution towards the goal of $100 billion per year set for developed countries, to be reached by 2020 and continued through until 2025. Before 2025, the parties to the UN framework convention on climate change will set a new collective goal for the period thereafter.

The EU and its member states are the largest provider of public climate finance in the world. According to the data compiled by the European Commission, close to half of the funding is dedicated to climate change mitigation actions and around 20% to climate change adaptation initiatives in developing countries. The rest of the contribution benefits cross-cutting projects involving both climate change mitigation and adaptation.


[1] Climate finance from public budgets, including €2.5 billion from the EU budget and European Development Fund and €3.2 billion from the European Investment Bank.




Media advisory – Video conference of health ministers, 30 October

Indicative programme

10.00

Beginning of the video conference of health ministers, 30 October

  • the role of the EU in strengthening the World Health Organization – debate
  • Council recommendation on a coordinated approach to the restriction of free movement in response to the COVID-19 pandemic

At the end of the meeting (+/- 13.00) – press conference in live streaming

Arrangements for the press conference

Please note that there will be no physical press conference. EU accredited journalists will be able to ask questions remotely provided they have registered in advance.

You can register and have the possibility to ask questions remotely through this link.

Deadline for registration: Friday, 30 October 2020, 12:00.

Further instructions will be sent to all registered participants approximately half an hour after the deadline.

Visit the video conference page




ESMA submits two draft technical standards under the revised Market Abuse Regulation to the European Commission

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published the Final Report on the amendments to the Market Abuse Regulation (MAR) for the promotion of the use of SME Growth Markets (SME GMs). These amendments focused on liquidity contracts and insider lists for SME GMs.

This final report and draft RTS and ITS largely reflect the original proposals included in the consultation paper focused on:

The RTS on Liquidity Contracts

  • The relevant requirements applying to those liquidity contracts are set out in the body of the RTS while the actual contractual template includes specific parameters and criteria to ensure compliance with MAR requirements while allowing flexibility for investment firms and issuers;
  • The RTS maintain the obligation to open a liquidity account dedicated to the contract and the limits to resources, as well as conditions to be complied with for the trading activity of the liquidity provider. 

The ITS on Insider Lists

  • The new template for insider lists, to be used by SMEs in jurisdictions that opt for including in them all persons who have access to inside information, only contains the minimum fields that are necessary for supervisory purposes.

Due to the COVID-19 pandemic and reprioritisation within ESMA, the draft RTS and ITS were submitted to the European Commission with a slight delay. ESMA considered that the industry needed additional time to concentrate on their daily operations, so we provided market participants with a longer consultation period. 




Fewer than 10% of EU businesses offer comprehensive learning opportunities critical to employee performance and well-being, new survey says

The best outcomes in terms of company performance and workplace well-being are obtained in companies where training is valued highly according to the recently published European Company Survey 2019 by EU agencies Eurofound and Cedefop. The survey also reveals how businesses fare better when the responsibility for skills use and skills development is explicitly shared between the employer and their employees. According to the findings, almost all managers (96%) agree training is important for employees to do their current job and most workplaces in the EU offer at least some training, yet only a small number – 9% – offer comprehensive training and learning opportunities to most of their employees.

Overall, the ECS 2019 demonstrates that companies can design their workplace practices to help generate outcomes that benefit both workers and employers. Businesses can boost performance while improving aspects of workers’ job quality by bundling practices that promote specific practices such as training and learning, increasing employee autonomy and facilitating employee voice. Around one fifth of EU workplaces have these beneficial bundles of practices in place. Successful examples can be found across all types of business regardless of country, size, sector, or competitiveness strategy.

Focusing on skills, the findings confirm how training is an important way to achieve positive workplace outcomes. Results also show that 71% of workers in EU-27 companies have skills matching their job requirements; 16% on average are overskilled, while 13% are underskilled. At the same time, over three quarters of companies report they have difficulties in finding candidates with the required skills (26% find it very difficult and 51% fairly difficult). In terms of sectors, construction has the most difficulty, with 86% of these businesses reporting difficulties in finding candidates with the desired skills.

Companies that are highly digitalised perform better and achieve better workplace well-being outcomes than others and the survey findings show a positive association between digitalisation and innovation and a company’s approach to skills development. Companies that have a comprehensive training and learning opportunities in place are by far companies that are more likely to be highly digitalised as well as innovative. Conversely, those that do not innovate are likely only to offer limited training and learning at work.

Policymakers and social partners have a key role in supporting companies to improve their workplace practices. Employer associations and trade unions can, in particular, play a major role in the design and implementation of policy measures geared towards improving skills use, employee autonomy and development and facilitating employee involvement in the workplace. To support managers in adapting workplace practices, the report also suggests that policymakers can involve business schools and HR management associations to target general and line managers’ skills and knowledge base which is critical to the success of any workplace change initiative.

On Thursday 29 October 2020 at 10:00 CET, Eurofound together with European Centre for the Development of Vocational Training (Cedefop) , are organising a live #AskTheExpert webinar session to delve into the European Company Survey 2019 findings specifically relating to skills.

Moderated by Maria Jepsen, Deputy Director of Eurofound, webinar participants will be able to join a lively and interactive debate with the ECS 2019 report authors Giovanni Russo and Gijs van Houten and guest panellists Isabel Coenen, policy advisor at the Dutch trade union FNV and Pär Lündstrom, expert in skills provision with Swedish employers – both members of Cedefop’s Management Board.

Participants will be able to comment via a LIVE online chat.

More information




Press release – InvestEU Fund: boost for sustainable, innovative and social investment

 On Wednesday evening, MEPs from the Budgetary and Economic and Monetary Affairs committees adopted with 71 votes to 17 and 7 abstentions the renewed EU programme to support investments and guarantee access to finance. It will address market failures, sub-optimal investments and the investment gap in targeted sectors, for the period 2021-27.

Six policy objectives mirroring key EU priorites

The EU guarantee of around €91.8 billion (current prices) is expected to mobilise more than €1 200 billion in additional investment across the European Union and should be allotted to the following policy objectives:

  1. Solvency support: MEPs reintroduced this, as not all companies have the same level of access to market financing and certain member states may not have sufficient budgetary means available to provide adequate support to companies hit by the COVID-19 crisis. It will help recovering companies, safeguard employment levels, and counter-balance the expected distortions in the single market (up to around €11 billion);
  2. Sustainable infrastructure: investment in the areas of sustainable transport and road safety, rail and road infrastructure, renewable energy, energy efficiency renovation projects, digital connectivity, environmental and climate resilience research (up to around €20 billion);
  3. Innovation and digitisation (up to around €11 billion);
  4. Access to finance primarily for SMEs, including for innovative SMEs and SMEs operating in the cultural and creative sectors, as well as small mid-cap companies (up to €5 billion);
  5. Social investment and skills (up to around €6 billion);
  6. Strategic European investment: future-oriented investment, including in critical healthcare, manufacturing of medicinal products and critical infrastructure, whether physical, analogue or digital (up to around €31 billion);

Background

Despite numerous initiatives to address the situation, there is still a significant investment gap in the EU. The InvestEU programme (part of the MFF 2021-2027 package “EU budget for the future”) aims to deal with this problem.

InvestEU would bring together the various EU financial instruments currently available, including: the European Fund for Strategic Investments (EFSI); the Connecting Europe Facility instruments; specific facilities under the Competitiveness Of Small and Medium-Sized Enterprises (COSME) programme; as well as specific guarantees and facilities under the Employment and Social Innovation programme (EaSI). Together, these will benefit from economies of scale, and expand the Juncker Plan’s model (i.e. using guarantees from the EU budget to bring in other investors).

InvestEU will consist of the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal (More information).

Next steps

Parliament will vote on its mandate to start negotiating with EU governments during the session in November.