Sustainable finance is at the heart of making a success of climate change and the European Union is already leading the way. The European Commission’s High Level Expert Group on Sustainable Finance has just published its interim report which details how - in the wake of the financial crisis - sustainable finance could reorient Europe's financial system and maximise long-term impact.
Today, the interim report will be launched at a major conference in Brussels with finance leaders, sustainability experts and top global thinkers on this important topic, most notably Bianca Jagger of the Bianca Jagger Human Rights Foundation. As a member the High Level Expert Group and co-author of the interim report, I am pleased to count myself, too, among this group.
The interim report sets the bar high. In it, we delve into how the EU can close the €180 billion per year gap to deliver its commitments under the Paris Agreement. We also look at how to fundamentally re-engineer the financial system to put sustainability at its heart.
The interim report follows hot on the heels of the final recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures report. So, in this newsletter we take a look at how EU and Member State governments could implement the Task Force's recommendations. We also touch upon the key role of the European Securities and Markets Authority and how it should take this important work forward.
The final report of the High Level Expert Group will be published at the end of the year with a comprehensive set of policy recommendations.
Thanks for reading,
Ingrid Holmes, Director, E3G