EC announced an investment for the latest projects, including a project on sustainable finance, under the LIFE program for the environment and climate action. The funding will support 10 large-scale environment and climate projects in nine member states—Cyprus, Estonia, France, Greece, Ireland, Latvia, Slovakia, Czechia, and Spain. The large-scale projects will support the European Green Deal and the EU ambition of becoming the world's first climate-neutral continent by 2050. In France, one of the projects, known as the AFFAP project, will help bridge significant knowledge gaps in the area of sustainable finance and bring green financial products into the mainstream.
Sustainable finance is an emerging area with significant knowledge gaps. Financial experts often have limited knowledge of environmental issues and vice versa. The AFFAP project in France will bridge these gaps through actions in three areas:
- It will work to ensure full compliance with existing and upcoming requirements on sustainable finance, for instance by upgrading the capacity needed to conduct climate-change risk analysis.
- AFFAP will help create a level playing field for standards relating to climate risk and other environmental metrics, to inform investment decisions.
- The project will also combine regulatory reforms, innovative tools, and communication activities to mainstream green products. In five years, all French banks and insurers will have conducted a climate-stress test.
Keywords: Europe, EU, France, Banking, Insurance, Sustainable Finance, Life Program, Climate Change Risk, Stress Testing, ESG, EC
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