Tuesday, 30th of May - A delegation of the EACB (European Association of Co-operative Banks) has met today the secretariat’s members and the Chair of the High-level Expert Group on Sustainable Finance established by the European Commission at the end of the year 2016, Mr. C. Thimann.
As local and regional banks, co-operatives have a key role to play in financing the energy transition, by promoting within their networks the distribution of investment or savings products in favour of sustainable development; through the expertise in project financing in accompanying energy transition; through their green financing geared to SMEs and energy efficiency financing of private and public buildings. Some co-operative banks are leaders in green bonds.
‘Acting in favour of climate financing is in the very nature of co-operative banks whose mission is to accompany members and clients, as well as the community they belong to, in the long term. Households, local communities and local entrepreneurs are mobilising in favour of climate. Co-operative banks are on their side’ stated Mr Pflimin, Chairman of the EACB Task Force on Green and Sustainable Finance, during the meeting ‘However the European Commission and the international debate is often too focused on the capital and asset management side of green finance. We believe that a greater emphasis should be put on the retail green financing side by providing a series of tools and policies that are conducive of green growth in the regions via SMEs, households and local actors.’