The Institutional Investors Group on Climate Change (IIGCC) has called on the Council of Energy Ministers not to “water down” the European Commission’s Clean Energy Package.

In a letter to energy ministers, the group said it wanted a long-term decarbonisation target to be embedded into the legislation.

The IIGCC, which represents investors that oversee €18 trillion (£16tn) of assets in nine countries, also wants a minimum and binding EU energy efficiency target of at least 30%.

Energy performance must be based on “actual” measurements rather than “designs”, the investors added.

Investor confidence

Stephanie Pfeifer, Chief Executive at the IIGCC, said: “We are concerned about the potential disagreement at council on the unresolved matter of

European Union (EU) ambition in the revised Energy Efficiency Directive.

“In the light of the recent US decision to withdraw from the Paris Agreement, it is vital the EU steps up to deliver global leadership on climate action.

“As Commissioner Canete made plain on 20 June in his speech to EU Sustainable Energy Week, a robust regulatory framework for energy efficiency is essential to give investors the confidence necessary to ensure they direct many trillions of capital towards the low carbon transition across the EU.”

> Read the letter