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Press release on the Action Plan on sustainable finance of the European Commission
8 March 2018 The members of the Global Green Finance Council (GGFC) support the European Commission’s Action Plan on sustainable finance and note its breadth and ambition with 12 different workstreams promoting the transition to a sustainable economy. The Action Plan will help align further the existing initiatives and efforts of the financial industry with policy objectives, and we especially welcome:
  • the proposed creation of an EU Sustainable Taxonomy;
  • the development of an EU Green Bond standard through a flexible and non-legislative proposal based on existing market best practice;
  • the emphasis on incorporating climate risks into the risk management processes of financial institutions with reference in particular to the industry-led Financial Stability Board’s Task Force on Climate-Related Financial Disclosure (TCFD) work;
  • the study of the potential merits of including sustainability factors in prudential requirements;
  • increasing resources and building sustainability expertise at the level of the European Supervisory Agencies.

View the press release

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