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The European Commission is hosting a high-level conference on a global approach to sustainable finance. In March 2018, the European Union committed to lead the way in reforming the financial system to support the transition towards a sustainable economy, with the adoption of the first ever Action Plan on

Financing Sustainable Growth and the successful first edition of the High-Level Conference on sustainable finance. One year on, today's conference provides the opportunity to foster international cooperation, explore synergies, and demonstrate strong commitment towards a coherent international financial system that supports channelling private capital towards sustainable projects. This is also part of the Capital Markets Union's (CMU) efforts to connect finance with the specific needs of the European economy, thereby contributing to the EU's carbon-neutral agenda.

In its recently adopted Reflection Paper Towards a Sustainable Europe by 2030, the Commission considered that it would be opportune to establish an international network of jurisdictions from emerging markets, developed and developing countries that are committed to advancing sustainable finance.

Already yesterday, Vice-President Dombrovskis held informal discussions with high-level representatives from leading non-EU jurisdictions, notably Argentina, Canada, China, India, Japan, and Morocco to explore the way forward for establishing such a Network. These discussions were also attended by representatives from international organisations and initiatives. A follow-up meeting at a working-level will be organised shortly. 

In this vein, the Commission also welcomes and supports the initiative for a Coalition of Finance Ministers for Climate Action, co-led by Finland and Chile, and supported by the World Bank. The Coalition's work on accelerating the transition to a climate-neutral economy through fiscal and economic policies is much needed and matches with the Commission's ambition to achieve transition to a climate-neutral economy by 2050. It would complement the Network on sustainable finance, which would focus on coordinating on national and regional financial services policy initiatives that embed sustainability in the financial sector.