July 2017    
European Financial Community Moves to Address Sustainability Challenges 

Dear reader,

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 

   
Sustainable Finance Report — 13 July 2017
Financing a Sustainable European Economy: Interim Report
In the aftermath of the financial crisis, the EU has been leading on the global sustainability agenda, which seeks to combine economic prosperity with environmental and social sustainability. The interim report of the High-Level Expert Group on Sustainable Finance contains early recommendations for the consideration of the European Commission on how to make the EU financial system more sustainable.

   
Stop-banking-climate-change-tackver-flickr Commentary — 13 July 2017
Reshaping the financial system as a tool for good
by Ingrid Holmes
In this Euractiv comment piece, Ingrid Holmes shares her thoughts on the work of the High-Level Expert Group thus far. The piece includes reflections on how the financial sector could lead in making our economies more sustainable as well as hopes for the future.

   
6739112709 f63a6d3c7b b Letter — 13 July 2017
European Securities and Markets Authority responds to E3G-led briefing
Together with a number of NGOs, E3G sent a briefing to the European Securities and Markets Authority (ESMA) on their role in sustainable finance. The briefing contained recommendations detailing how ESMA could do more to make the EU’s financial system more sustainable. ESMA recently responded to this briefing, which we have published on our website in full.

   
Thinkstockphotos-green finance Commentary — 10 July 2017
TCFD: Mandatory approach has best chance of success
by Ingrid Holmes, Sam Maule
To be truly effective, the Task Force on Climate-related Financial Disclosures voluntary recommendations need widespread adoption. In an Environmental Finance comment piece, Ingrid Holmes argues regulators may need to get involved.

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Towards a Sustainable Capital Markets Union. Mitigating climate and wider environmental, social and governance (ESG) risks through disclosure, effective management and new investment approaches.
 
 
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European Financial Community Moves to Address Sustainability Challenges
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Public Hearing on Sustainable Finance
18 July 2017
 
 

Staff Update
Andrea Paniagua Borrego Andrea Paniagua Borrego
Senior Policy Advisor