Irish businesses have been told that stepping up private sustainable investment is key to reaching climate goals.

Speaking at the William Fry LLP ESG and sustainability seminar in Dublin’s Marker Hotel this afternoon (3 March), Mairead McGuinness (European Commissioner for Financial Stability, Financial Services and the Capital Markets Union) said that while public finance was important, it would not be enough to meet the EU target of climate neutrality by 2050.

Regarding the EU investment strategy for financing European Green Deal climate targets and social objectives, Commissioner McGuinness said that there were significant opportunities across all Irish business sectors.

“The EU sustainable-finance agenda ensures that private investment plays a central role in meeting our climate goals.

Criteria

“Through setting out clear criteria on what is sustainable, as well as reporting standards, we are giving companies and investors the necessary tools so that money flows to investments that help us reach our net zero target," she said 

Lorena Dunne (co-chair of William Fry's ESG and sustainability practice group) said that the commissioner's message resonated strongly against the backdrop of this week's urgent warnings from the IPCC of the dire consequences of inaction on climate change, and the intensifying debate on energy security.