Despite the current pandemic, our future is linked to the climate crisis, which, like Covid-19, particularly affects people in poverty. Energy consumption is central in the industrialized countries - we currently use 80 percent fossil energy, and by 2050 this value should be zero. At the same time, around 1,2 billion people now live without electricity.
The big challenge will be to overcome global poverty together with the climate crisis. As the financial sector plays a key role in addressing these challenges, the European Commission presented the action plan to finance sustainable growth in 2018. Added to this was the European Green Deal in 2019 as a new EU growth strategy and at the same time an integral contribution to the 2030 Agenda. For this purpose, around 2030 billion euros in additional investments are to be made annually by 260, 25 percent of which should contribute to achieving the climate targets.
It is therefore of strategic relevance for companies not only to deal with sustainability and climate risks, but also to explore which new technologies, products and business areas can arise from a sustainable and climate-friendly economic transformation.
Andrea Sihn-Weber heads Group Sustainability Management at Raiffeisen Bank International.
Photo: Sara Tomic
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