The European Association of Co-operative Banks (EACB) is closely following the work of the High Level Expert Group on sustainable finance as this is a very important workstream for the EACB members due to the fact that co-operative banks, being local and regional banks, play a key role in sustainable financing. This is via sustainable investments or savings products, energy transition project financing, green financing to SMEs and energy efficiency financing of private and public buildings or via their social mission: reinvesting significant portions of available profits back into the community. Some co-operative banks are leaders in green bonds.
In this context we have taken note of the EC Public consultation on institutional investors and asset managers' duties regarding sustainability. At this juncture, the EACB has not provided individual responses to the questions as we believe that other industry associations and market participants are better placed to address the detailed questions raised in the EC Consultation. However, we would like to share with you some overrarching observations of the EACB members on this issue.
For our detailed consideration and to read the whole EACB response to the EC Consultation: