The European Association of Co-operative Banks (EACB) together with five EU trade Associations: i.e. the European Banking Federation (EBF), the European Savings and retail Banking Group (ESBG), European Fund and Asset Management Association (EFAMA), Insurance Europe and Pensions Europe, has launched a joint initiative calling for EU Action to create a centralized electronic register for Environmental, Social and Governance (ESG) data in the EU.
In their joint letter to the EU Commission the Associations emphasize their commitment to support the transition to a more sustainable economy and to tackling climate change. The availability of quality, comparable, reliable and public ESG data, that is currently rather limited, is crucial to steer portfolios towards the objectives of the Paris Agreement and of the European Green Deal and to comply with the increasing expectations and new regulatory requirements due to apply shortly.
Commenting on the initiative, the EACB General Manager stated: "We are glad to have reached such a wide industry support. Our coalition signals the political relevance of this project. As stated in our joint letter, the creation of a EU ESG electronic data register should be regarded as an EU strategic infrastructure project to meet the EU sustainability objectives both under the Action Plan on Sustainable Finance and the EU Green Deal. Such data register provides a valuable source of information to markets and policy makers alike. Indeed, the availability of raw harmonized ESG data to a wide group of users would allow for better comparability, increase transparency, lower barriers and costs, generate efficiency, reduce complexity and attract new players”.
This initiative aims at providing contribution ahead of two important events: the release of the conclusions of the Capital Market Union High Level Forum today and the closing of the consultation on the revision of the NFRD (Non Financial Reporting Directive) to which the ESG data register is linked.
The EACB, jointly with the other signatory organizations, looks forward to receive feedbacks from the EU Commission on this important proposal. Questions or comments from stakeholders and interested parties are welcome.
Tags: EACB, EFAMA, ESBG, ESG, IE, NFRD, PE
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Elisa BEVILACQUA - email@example.com