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European Financial Services Round Table

Monday, September 30, 2019
EFR paper on Sustainable Finance

The EFR (European Financial Services Round Table) has published a paper on sustainable finance with concrete topics, which should help the financial sector to fulfil this role in the EU framework for sustainable finance, and with recommendations that aim at giving a practical and pragmatic way for the EU to go forward in the development of the regulatory framework that will allow the EU to become a leader in transitioning to a green economy.

It is noted that financial actors are important, but it must involve the broader economy as well. There are various ways in which banks and insurers can support the transition towards a sustainable socioeconomic model.

The EFR asks attention for the following issues:
  • A gradual approach should be taken to ensure that the regulatory framework promotes stability and supports a fundamental shift towards a green economy – this requires a more flexible taxonomy.
  • In order to realign investment towards sustainable assets, investees should have a greater role in providing sufficient and reliable data on their projects.
  • To solve the issue of scarcity of eligible projects, determined action by the public sector is required in both regulatory and investment fields.