Socialists in the EP secure agreement on financial benchmarks to encourage greater investment in the low-carbon economy

Labour Party MP Neena Gill achieved last night an important victory in the fight against climate change, reaching a deal with the EU Council on financial benchmarks that will encourage greater investment in the low-carbon economy.

Neena Gill, Labour MEP who led the negotiations for the European Parliament, said:

“The agreement reached with member states yesterday is hugely significant in the fight against climate change. Financial benchmarks are the cornerstone of global capital markets, with indexes alone helping to channel trillions of euros towards investment projects.
  “Globally, we’re hurtling towards dangerous climate change, so sticking to the status quo on capital allocation based on current financial benchmarks is no longer good enough. With this legislation on low-carbon benchmarks we can ensure the financial services sector plays its part, directing capital flows towards much-needed sustainable investment and the jobs and industries of tomorrow.