The EACB welcomes the Action Plan on Sustainable Finance issued today by the European Commission.
“EACB Members attach great importance to climate change and have taken a stand already in the context of the Paris Agreement. Since their origins, co-operative banks have a long-term strategy that contributes to sustainable finance. Today they play a crucial role in financing the energy transition process, in particular at local and regional level that is fundamental to really bring changes. From this perspective, we have welcomed the Final Report of the HLEG, that underlines the key role of local players and the need to review the banking regulatory framework in a way that is facilitating rather than hampering sustainability” commented Etienne Pflimlin, Credit Mutuel, Chairman of the EACB working group on sustainable finance. “ We now wish to contribute to the EU Commission’s work and call the EU Commission to consider the importance of appointing co-operative banks experts in the forthcoming expert group that will be set-up to accompany the taxonomy and the oher measures envisaged in the Action Plan. In order to ensure a differentiated representation of the banking sector and to ensure that the measures and tools are conducive of regional green growth via regional banks, SMEs household and local actors. The EACB considers indeed that the EU Commission should highlight strongly the need of diversity in the banking sector and the role of members oriented banks like the co-operatives as a tool to achieve sustainability. Moreover the proportionality principle in terms of size, risk profiles, organisational settings and ownership structures shall be duly accounted when designing new tools and policies in the framework of the Action Plan.”