At the end of 2016, the European Commission announced the members of the High-Level Expert Group on sustainable finance. The Expert Group is set to provide recommendations for a comprehensive EU strategy on sustainable finance.
As sustainable finance has been one of the main focus areas for EFR – a round table organisation of Chairmen and Chief Executives of Europe's leading banks and insurance companies – in 2015 and 2016 and will remain one in 2017 and in the years to come, the organisation has sent a letter enclosed to propose a meeting with a delegation of the Expert Group.
In the letter, EFR declare their support and dedication for the European Union (EU) in taking action on Sustainable Finance in order to meet the commitments made at COP21.
More needs to be done
Overall, the EFR welcomes the progress made in 2016 by the EU to put our economy onto a more sustainable path. But to truly ensure sustainability is embedded across all EU activities – particularly for the financial sector – more must be done through the right combination of policy choices.
More specific, there are four key areas where the EFR would welcome a strengthened effort: Incentivise capital and supply of green projects; boost transparency on SDG funding gap; increase transparency around sustainability risks; and better understand, manage and mitigate sustainability risks.
For more details, read the letter in its entirety here.