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ESG and sustainability

Context

The goal for the EU Commission is “to reconcile the economy with our planet, to reconcile the way we produce and the way we consume with our planet, and to make it work for our people”. The EU leaders recognise notably that the transition to climate neutrality would bring significant opportunities, such as potential for economic growth, business and technological development.

It is worth therefore discussing the conditions to foster investment in sustainable projects. Indeed, while according to the EIB 2019 economic investment report, the investment activity in the European Union had recovered from the recession following the financial crisis, the report stresses that the investment required notably to the transition to a net zero-carbon economy is not yet on track.

Indeed, an effective and swift-enough transition requires in particular an un precedented effort from citizens, consumers, SMEs, etc. and in particular that they foster sustainable investments. However, progress in this area result from a complex combination of forward-looking targets, transparency tools, governance arrangements, financing/risk reduction facilities and efficient incentivisation frameworks.

Such a complexity is further compounded by a context of ever higher indebted EU economies focused on growth relaunch in the Covid19 pandemic context. This requires turning the Green Deal into an indispensable tool to set the policies that will enable reducing risks in the EU, be they climate or biodiversity related, and bring about additional growth opportunities in the EU.

Contributions to the policy debate

Extracted from the main Eurofi publications (Regulatory Updates, Views Magazines and Conference Summaries)

Public and private
sector views

Public authority views

K. Braddick - HM Treasury - The case for global corporate sustainability reporting standards - April 2021 new

C. Di Noia - Commissione Nazionale per le Società e la Borsa (CONSOB) - A sustainable ESG strategy to avoid unsustainable consequences Financial - April 2021 new

W. Evers - De Nederlandsche Bank (DNB) - Climate-risk implications for the EU financial sector - April 2021 new

S. Goulard - Banque de France - Climate risks, new risks? - April 2021 new

Å. Larson - Swedish Financial Supervisory Authority (Finansinspektionen) - Climate risks seen from a supervisory perspective - April 2021 new

F-L. Michaud - European Banking Authority (EBA) - Building a regulatory and supervisory framework enhanced for ESG risks - April 2021 new

H. M. Peirce - U.S. Securities and Exchange Commission (SEC) - Rethinking Global ESG Metrics - April 2021 new

J. Berrigan - European Commission - Sustainable finance is the key to a sustainable future - September 2020

A. Fayolle - European Investment Bank (EIB) - Covid recovery and green transition are no zero-sum game - September 2020

S. Goulard - Banque de France - Climate change as a source of challenges for the Eurosystem’s monetary policy - September 2020

S. Pietikäinen - European Parliament - Sustainable finance is the answer for Covid-19 recovery - September 2020

V. Ross - European Securities and Markets Authority (ESMA) - Enhancing sustainable finance through better disclosures - September 2020

Mag. H. Waiglein - Austrian Federal Min of Finance - Sustainable Finance – a broader approach seems necessary - April 2020

Industry views

G. Cantalupi - Credit Suisse International - Putting ESG front and centre for our business and risk management strategy - April 2021 new

A. Finucane - Bank of America - The ESG agenda needs global actionable commitments - April 2021 new

J. Ground - Capital Group - Why reporting on human capital matters - April 2021 new

M. Haag - DG for Financial Stability, Financial Services and Capital Markets Union, European Commission - Sustainable finance: a finance agenda for the transition - April 2021 new

D. Hanna - Standard Chartered Bank - Improving sustainability reporting to catalyse private finance - April 2021 new

E. Mazzacurati - Moody’s ESG Solutions Group - The true costs of climate change - April 2021 new

J. Scott - Zurich Insurance Company Ltd - ESG & Climate-risk: Implications for the financial sector and EU policy - April 2021 new

A. Smith - HSBC Holdings plc - The 8Cs of Effective Climate Risk Management - April 2021 new

N. Westerbarkey - Fidelity International - Globally consistent ESG policies are indispensable for international finance - April 2021 new

B. Eckes - PricewaterhouseCoopers GmbH - Sustainable Finance/ESG – Further progress to be made in “S” and “G” - September 2020

B. Langer - Invesco - Investing for sustainability- turning an art form into a science - September 2020

K. Nakamura - SMBC Europe - Encouraging sustainability – managing risk - September 2020

A. Prendergast - Street Global Advisors Ireland (SSGA) - ESG: a matter of value, not values - September 2020

N. Westerbarkey - Fidelity International - Covid crisis accelerates shift towards sustainable capitalism and new economic order - September 2020

T. Buecheler - Allianz SE - Sustainable finance regulation needs to facilitate a broad economic transition - April 2020

L. Zylberberg - European Association of Long-Term Investors - Investing today for the long-term - April 2020