2025-01-19-欧洲央行-投资欧洲的绿色未来（英）_86页_1mb

Introduction: Achieving Europe's 2030 climate target requires substantial green investment, estimated between €403-558 billion annually by 2030. Green investment shortfalls are evident across sectors, necessitating accelerated action.

Green Investment Needs:

• Europe's green transition requires €2.9% to 4.0% of EU GDP in annual investment (€477 billion in 2030 prices).
• Key sectors include transport (€205 billion/year), energy supply, and residential buildings.
• Global green investment needs until 2030 range from €2.5-3.4 trillion annually.

Financing Landscape:

• Banks (euro area) finance carbon-intensive sectors but are integrating climate risks into lending decisions.
• Capital markets for green innovation are developing but remain limited, especially for venture capital and SMEs.
• High interest rates, funding costs, and insufficient public subsidies are major barriers for firms.

Public Sector Role:

• Public funds (RRF and EU budget) total €658 billion for climate objectives (€240 billion minimum). A €20 billion annual funding gap may emerge post-RRF expiration.
• Green public investment can catalyse private investment, with multiplier effects observed in simulations.

Policy Options:

• Strengthen carbon pricing to incentivise green investment.
• Deepen the Capital Markets Union to improve access to diverse funding.
• Enhance transparency and disclosure frameworks to reduce greenwashing and information asymmetry.
• Promote structural reforms, including reducing regulatory burdens and fostering skilled labour for green technologies.

Conclusion:

• Green investment is capital-intensive, dependent on private funding, but public support is crucial for crowding in private capital.
• Policy alignment, structural reforms, and market integration are key to accelerating the green transition. A funding gap in the post-RRF era challenges sustainable growth.