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Sustainability disclosure challenges


An ambitious and complex transition plan is required to achieve the goals of the EU Green Deal, which are to transform the EU “into a fair and prosperous society, with a modern, resource-efficient and competitive economy where there are no net emissions of greenhouse gases in 2050 and where economic growth is decoupled from resource use,” and “protect, conserve and enhance the EU’s natural capital, and protect the health and well-being of citizens from environment-related risks and impacts”.

Indeed, the challenge there is to go far beyond the beneficial mobilisation of NGOs, large asset managers, banks or insurance groups, big caps and policy makers, in order to definitively mainstream the ESG initiative and even achieve a generalised timely appropriation of related stakes and opportunities, which are necessary to engage and deliver the deep changes required.

One challenge there are Small- and Mid-Caps (SMIDs), which bring an essential contribution to the EU economy. According to a Eurofi working group that worked with the financial ecosystem of French SMIDs, this requires formal public policies intended to support the SMIDs implementing ESG approaches, improve ESG data accessibility and quality, preserve and develop the financial service providers able to monitor SMIDs’ extra-financial performance, and finally improve the access to finance of the SMIDs engaged in an ESG approach.

More generally some essential policy initiatives are urgently required to address the so-called data challenge and preserve the EU specificities regarding ethics, culture and approach to sustainability.

Eurofi documents

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

Eurofi Views Magazine chapters

Avoiding greenwashing - April 2023

Natasha Cazenave - European Securities and Markets Authority (ESMA) | Fausto Parente - European Insurance and Occupational Pensions Authority (EIOPA) | Jos Heuvelman - Dutch Authority for the Financial Markets | Wang Lei - Bank of China (Europe) S.A. | Melissa Ocampo - SMBC Bank International Pl | Anna Green - Sweden Branch - Zurich Insurance | Sherry Madera - Mastercard

Climate, crypto, convergence, conflict - April 2023

Hester M. Peirce - U.S. Securities and Exchange Commission

ESG issues in the asset management area - April 2023

Marco Zwick - Commission de Surveillance du Secteur Financier (CSSF) | Julia Symon - Finance Watch | David Henry Doyle - S&P Global | Laurence Caron-Habib - BNP Paribas Asset Management

Sustainability reporting standards global convergence - April 2023

Sue Lloyd - International Sustainability Standards Board (ISSB) | Daniela Stoffel - Ministry of Finance, Switzerland | Laurence Rivat - Deloitte | Hirotaka Hideshima - The Norinchukin Bank

Transition of financial activities towards net zero - April 2023

Derville Rowland - Central Bank of Ireland | Eva Wimmer - Federal Ministry of Finance, Germany | Shinichi Tsunoda - Mizuho Financial Group, Inc. / Mizuho Bank, Ltd. | Hacina Py - Société Générale | Thomas Béhar - CNP Assurances | Matteo Del Fante - Poste Italiane

Coexistence of sustainability reporting standards - September 2022

Sébastien Raspiller - Ministry of the Economy, Finance and Industrial and Digital Sovereignty, France | Sue Lloyd - International Sustainability Standards Board | Marcel Haag - European Commission | Julia Haake - Moody’s | Masamichi Kono - MUFG Bank, Ltd | Rami Feghali - PricewaterhouseCoopers Advisory

SFDR / CSRD / Taxonomy usability challenges and impacts - September 2022

Petra Hielkema - European Insurance and Occupational Pensions Authority | Montserrat Martinez Parera - Spanish Securities and Exchange Commission | Karolin Schriever - Deutscher Sparkassen- und Giroverband