The EU’s Capital Market Union project (CMU), as launched by its September 2015 Action Plan, largely side-lines sustainability, the environment and climate change, standing it in contrast to the European Union’s broader policy commitments. In taking such a narrow approach, the CMU risks undermining long-term economic sustainability and the EU’s role as a global leader in corporate social and environmental responsibility.

The purpose of this European Parliament event is to discuss how to ensure the CMU is better aligned with the EU’s broader sustainability commitments. This event will focus on two corporate social and environmental issues, land grabbing and climate change, to demonstrate the involvement of EU financiers and explore policy options.

This European Parliamentary event is co-hosted by: MEP Sirpa Pietikainen EPP, MEP Sven Giegold the Greens/EFA, MEPs Rina Ronja Kari and Miguel Viegas GUE/NGL and MEP Paul Tang, S&D.

An extended version of the presentation given by UNEP Inquiry co-director Simon Zadek is available here. It emphasises the need to connect three things:

1.  EU’s need to drive innovation, productivity growth and economic prosperity
2.  Sustainable development imperative
3.  Financial market development.

The Inquiry makes a strong recommendation for a joined-up approach to harnessing national leadership and market innovations, harmonising at the EU level and lead internationally both competitively and through cooperation. Recommended is to advance the development of a strategic approach that delivers a collaboratively developed roadmap for advancing a sustainable financial system for Europe.

The Inquiry’s EU report on developing a sustainable financial system can be downloaded here.