COMMERCE Secretary Alfredo Pascual said innovation and research and development (R&D) will play a key role in terms of policy implementation for the various sustainable frameworks the government will put in place in the future.
During the first roundtable of the European Union Sustainable Investment Summit on the theme “Fighting for transparency on a global scale” on October 28, 2022 in Brussels, Belgium, Pascual acknowledged that current regulations do not are not enough to reduce carbon emissions and promote a sustainable economy, because there is still a lot to be done to convince the public and change their mentality.
“We’ve seen other situations in the past where regulations have resulted in a step-back exercise to measure compliance, but really what we need to see is performance,” Pascual said. “For this to happen, we need to inject innovation that will propel performance to greater heights. Regulation is important, but it shouldn’t stop there. We need to move from compliance to performance, and this is where R&D will come in.”
The summit focused on the EU regulatory frameworks that have been put in place, such as the Action Plan on Sustainable Finance and the Strategy for Financing the Transition to a Sustainable Economy.
These two frameworks aim to promote transparency and create a harmonized reporting system on sustainable finance in the European Union.
Similar frameworks in other countries that promote sustainability and affect business and investment were also discussed at the summit.
In her opening message, the President of the European Commission, Ursula Von der Leyen, expressed the EU’s commitment to financing public and private investments that will not only stimulate economic growth, but will also have a positive impact on research and innovation for a low-carbon economy.
She said the EU aims to build a more sustainable economy amid global disruptions such as the Russian invasion of Ukraine.
Panel members during the discussion included Matthias Berninger, Bayer’s global head of public affairs, science and sustainability; Mario Greco, Chairman and Chief Executive Officer (CEO) of Zurich Insurance Group; the Chair of the European Parliament’s Economic and Monetary Affairs Committee, Irene Tinagli; and ING Group CEO Steven van Rijswijk.