EU's Michel: We need a new model of sustainable financing

In a press briefing ahead of the G20 summit, an international treaty on responding to pandemics would help for the future, European Council President Charles Michel said on Friday, as reported by Reuters.

Additional takeaways

"We are looking to establishing a carbon border mechanism in line with the WTO rules."

"Green transition is a huge opportunity, we need massive private investment."

"We need common standards for green bonds."

"It will not be enough to extend debt relief by 6 months, we need more, a new model of sustainable financing."

Market reaction

The EUR/USD pair showed no reaction to these remarks and was last seen losing 0.14% on a daily basis at 1.1856.