'Eu GreenWeek 2016 - my conclusions on our week' - Main contents

Green investments pay dividends - literally. That was the take-home message for Green Week 2016. More than 140,000 people across the globe took the time to go to one of the more than 182 Green Week partner events in 31 countries, and hundreds of thousands more engaged online.

Investment is a key element in moving to a circular and low-carbon economy and to help achieve the commitments made last year in New York on the Sustainable Development Goals and in Paris on climate. The transition to a Circular Economy, kick-started by our Circular Economy Action Plan, will require significant funding from public and private sources as well.

The idea of a ‘trade-off’ between the economy and the environment is out-dated. Our future will be built on investment that integrates economic opportunity with sustainable environment practice. Green industries themselves grew by more than 50 % in the EU between 2000 and 2011, and jobs in environmental goods and services increased from 2.9 to 4.3 million between 2000 and 2012.

Seeking to explore how we can green our financial system and invest sustainably, each day of Green Week focused on a different aspect of green investment: cities, countryside, oceans and investing in future generations. Each day saw a number of new concrete steps to make more green investments happen.

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Investment in green cities creates jobs,a healthy environment, and better quality of life. Investments in buildings, energy, water and waste management and transportation are vital for making cities greener and more liveable. Cities need to learn from each other how to invest in sustainable solutions. Those holding the European Green Capital Award and European Green Leaf Award are models for the future. Investing in green infrastructure is often more cost-effective than investing in grey infrastructure. The Urban Agenda of the EU established through the Pact of Amsterdam Pact on 30 May will help the EU deliver "sustainable cities and communities" (SDG11), and will support cities in areas of air quality, circular economy, and natural spaces. The Commission is also developing a new benchmarking tool for cities to use and help monitor progress on environmental performance.

For our countryside to stay healthy and productive in the long run, investments in sustainable farming practices are fundamental. EU money invested in protecting nature and improving agricultural practices pays off, saving money elsewhere. The LIFE programme is a key catalyst for this.

Investments in a sustainable blue economy will ensure that our oceans are healthy and productive in the long run. The European Maritime and Fisheries Fund helps boost innovation, growth and jobs in the marine and maritime sectors. Our oceans can provide food, energy and resources, climate regulation and recreation, but must also be protected.

For present and future generations, the EU leads the efforts for a sustainable world. It is committed to implementing the integrated and universal vision of the 2030 Agenda for Sustainable Development both in Europe and worldwide. We need to mobilise all available means and resources, including from the private sector. The Commission is committed to delivering its part, through our internal policies and through external action in an integrated way, and we have made our response to the Sustainable Development Goals (SDGs) one of the priorities of the 2016 Work Programme. We will present an initiative in the course of this year on "Next steps for a sustainable European future" to map out how the EU will contribute to reaching the SDGs. In parallel, the Commission will contribute to work at the global level and in the context of the United Nations and the G20. Under the leadership of Vice-President Mogherini and Commissioner Mimica, the Commission will present also later this year a proposal to revise the European Consensus on Development in the light of the SDGs and changing global trends.

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Green investment has positive impacts on job creation. Circular economy systems and companies need adapted financing as they often create returns on investments in different ways. Financial markets are sub-optimal and at risk if we do not make them more sustainable.

EFSI, the European Fund for Strategic Investments, EU regional and structural funds, LIFE integrated projects, and the EU Natural Capital Financing Facility can be exploited to invest in sustainable and circular solutions. Leveraging private finance into greener solutions can overcome market failures and provide important societal benefits. They are important levers for national public and private investment. The European Investment Bank has an important role in this process. The Commission adopted and end-of year review of EFSI on 1 June. It shows that it is firmly on track to mobilise at least EUR 315 billion by mid-2018. EFSI can be a model for the future on using scarce financial resources in a more efficient way. It will continue to contribute to the development of the market for sustainable/green projects, including by encouraging the development of a green bond market in Europe.

We also need a financial system that supports sustainable development. The EU is at the forefront of efforts to build this. The Capital Market Union Action Plan includes a clear commitment of the Commission to support and develop market-based initiatives to promote and increase finance for environmental and sustainable investments. It will be in this context that the Commission will take its thinking further on building an enabling framework for green finance, including Green Bonds.

But there is only so much to be achieved by public and institutional actors. The public sector should provide a clear and predictable regulatory framework with the right incentives for investors. There is a strong role for the private sector in providing new technologies, business models and investment opportunities across a variety of sectors to help scale-up transformation. On 1st June signatories of the Retailers' Environmental Action Programme committed to invest in the Circular Economy. In fact, those exemplary European retailers pledge more than 100 new actions to make the sector more circular within the next 3 years. This is an excellent example of private sector action and commitment. I hope others will follow.

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EU Green Week has brought many insights and inputs for our further work. I hope you will join our efforts to ensure that these conclusions and recommendations will now be taken up and brought concretely to action in view of investing for a greener future.