The EU is rightly recognised as a green policy pioneer. Its members invented financial subsidies that helped to kick off today’s global renewable energy industry. It is home to the world’s first major carbon market. It made some of the earliest and boldest pledges to cut carbon emissions, even if the UK and other large economies will be announcing moves this week to accelerate reductions linked to the two-day summit convened by US President Joe Biden.

Being first can be fraught, however, which the EU is finding as it tries to finalise a contentious guide to what does and does not count as an environmentally-friendly economic activity. Brussels must find a way to finish this work that is both scientifically and politically sustainable, not least because whatever it does will influence wider efforts to tackle climate change.

The EU has calculated that to meet its goal to become the world’s first climate-neutral bloc by 2050, it will need €1tn of sustainable investment over the next decade. This cannot come from the public sector alone. Private investors must be involved, but to do that they need to know where to put their money, and what greenwashing dodges to avoid.