EACB Members welcome the development of an European taxonomy on “green” and “sustainable” financial products as an important building block of the EU sustainable finance package. The EACB underlines that it should be workable and simple, in order to be instrumental to greening the economy. A gradual and proportionate approach is necessary.
The EACB has also advocated to avoid overlapping requirements. As the sustainable finance initiative accelerates, several measures are taking shapes either in the prudential/ supervisory framework (CRD5) or on the reporting side (NFRD). Focusing on incentivizing investments in green activities to support the transition to a green and sustainable economy seems to be the right way forward. In drafting the first set of environmental screening standards, the work of sustainable finance Technical Expert Group shows how challenging and at the same time fundamental this exercise is in itself.
“Co-operative banks consider sustainable and long-term finance a key priority. Cooperative banks are decentralized organizations with large networks in the economy and society. They are well positioned to play a key role in the energy transition. We are pleased to see the current progresses at European Parliament, and we will continue our efforts to bring our expertise to ongoing initiatives at EU and international level.” Commented Bouke de Vries, Chair of the EACB Green and Sustainable Finance Working group.