17 August 2020

Just transition in the context of the European power utilities and financial institutions

As fiduciaries and stewards of assets, Europe Beyond Coal is calling on financial institutions (banks, investors and insurers) to demand that utilities develop asset-level, socially responsible plans for phasing out coal by 2030 at the latest. These, at a minimum, need to incorporate the measurable steps that utilities are taking to minimise the short-term risks that closures pose to workers, as well as long term measures to ensure communities can look forward to a sustainable future. These measures should:

• Not lead to a prolongation of the lifetime of high-carbon assets;
• Not push workers into sectors that are equally vulnerable or harmful to the energy transition;
• Mainstream just transition into financial services across each asset class;
• Introduce restorative capital allocation to enhance community and regional renewal;
• Respect and build on international standards;
• Facilitate policy advocacy that contributes to lobbying efforts to secure regulation to protect workers and communities.