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Transition planning in the financial sector: main objectives and features, implementation challenges, consistency with corporate, sectoral and national own plans…

Day 1 Afternoon

Wednesday 21 February

Room :



Jean Boissinot
Deputy Director, Financial Stabity & Head of Secretariat, NGFS - Banque de France
Public Authorities
José Manuel Campa
Chairperson - European Banking Authority (EBA)
Armel Castets
Acting Deputy Director of Corporate Financing and Financial Markets - Ministry of the Economy, Finance and Industrial and Digital Sovereignty, France
Paul Tang
MEP - Committee on Economic and Monetary Affairs, European Parliament
Antoine Van Cauwenberge
Head International Relations & Sustainability Policy - Financial Services and Markets Authority, Belgium (FSMA)
Industry Representatives
Eric Campos
Chief Sustainability Officer - Crédit Agricole S.A.
Seb Henbest
Group Head of Climate Transition - HSBC Holdings plc
Erik Ljungberg
Head of Group Brand, Communication and Sustainability - Swedbank
Shinichi Tsunoda
Operating Officer & General Manager, Sustainable Business Promotion Department - Mizuho Financial Group, Inc. / Mizuho Bank, Ltd.


Corporates must disclose plans to align their business models with a sustainable economy and the goal of limiting global warming to 1.5°C. Data users seek details on undertakings’ physical and transition risks, their resilience to different climate scenarios, and their contributions to climate neutrality by 2050. However, creating forward-looking information poses challenges due to dependency on sectoral choices, policies, and citizen behaviours. Transition paths toward a sustainable economy are general, theoretical, and volatile, necessitating coordination. Standardising transition plan parameters and methodologies is crucial to combat greenwashing.

Private initiatives propose common approaches, while regulators are urged to establish standards for consistency and reliability. Yet financial regulators lack a mandate to promote the transition to a low-carbon economy, focusing primarily on financial risk management. Agreeing on common sustainability objectives within an economic sector may also be perceived as reducing competition, imposing additional costs, and favouring larger corporations, potentially limiting competition from smaller firms. Asset managers adding sustainability objectives may face suspicion of deviating from their primary fiduciary duty.

The session aims to clarify objectives and needs addressed by the provision of climate-related transition plans by financial institutions and establish conditions for building reliable and credible plans.

Points of discussion

  1. What are the main objectives and needs addressed by the definition and provision of climate related transition plans by financial institutions?
  2. Conditions for building reliable and credible transition plans?