Featured Product

    Valdis Dombrovskis of EC Speaks on Action Plan for Sustainable Finance

    February 13, 2018

    The EC Vice President Valdis Dombrovskis discussed the action plan for sustainable finance. He noted that the EC-appointed high-level expert group published the final report on sustainable finance. EC is ready to follow up on recommendations of the report and to deploy sustainable finance at a pan-European scale. He also highlighted that, in March 2018, EC will present an action plan for mobilizing green investment and integrating sustainability into all aspects of the financial system.

     The EC Vice President outlined the following elements of the action plan:

    • Priority will be to establish a unified EU classification system—or taxonomy—for sustainable assets and activities; this will help to define what is green and what is not green and to identify areas in which sustainable investment can make the biggest impact. A legislative proposal on the governance of this EU classification system will be presented this Spring.
    • Also, this Spring, EC will present a proposal to clarify the duties that asset managers and institutional investors have, to take sustainability into account in the investment process. This would help the clients get more information and options for sustainable investments.

    Mr. Dombrovskis also outlined the measures that are being considered as part of the action plan. One example is that a larger market for green financial products is intended to establish EU criteria and labels for green bonds and investment funds, building on the EU classification. Another example includes boosting green investments and loans by introducing a so-called green supporting factor. However, green does not mean risk-free. Any measures would have to be carefully calibrated and based on a clear EU classification, to avoid the risk of green-washing. He concluded that EU alone cannot drive this important change to the financial system. "We need a world-wide coordinated effort. Time is now ripe to put in place the proper conditions and incentives for sustainable finance across the sector, in Europe and globally. This is how green investments can continue their growth. This is how sustainable finance can reach its true potential. And this is what our Action Plan next month will be about."


    Related Link: Speech

    Keywords: Europe, EU, Banking, Sustainable Finance, Action Plan, Green Finance, EC

    Related Articles
    News

    MAS Amends Notice 610 on Reporting Templates for Banks in Singapore

    MAS published amendments to Notices 610 and 1003 related to submission of statistics and returns, along with the reporting templates and frequently asked questions (FAQs) associated with these Notices.

    January 24, 2020 WebPage Regulatory News
    News

    HKMA Updates Policy Module on Supervisory Review Process

    HKMA is issuing, by notice in the Gazette, revised versions of two Supervisory Policy Manual modules as statutory guidelines under section 7(3) of the Banking Ordinance. The Supervisory Policy Manual modules are CA-G-5 on “Supervisory Review Process” and SB-2 on “Leveraged Foreign Exchange Trading.”

    January 24, 2020 WebPage Regulatory News
    News

    PRA Amends Pillar 2 Capital Framework for Banks

    PRA published the policy statement PS2/20 that contains the final amendments to the Pillar 2 framework and provides feedback to responses to the consultation paper CP5/19 on updates related to Pillar 2 capital framework.

    January 23, 2020 WebPage Regulatory News
    News

    BIS Survey Examines Progress of Central Banks Toward Digital Currency

    BIS published a paper that presents the results of a survey that asked central banks how their plans are developing in the area of central bank digital currency (CBDC).

    January 23, 2020 WebPage Regulatory News
    News

    FED Proposes to Revise Information Collection Under Market Risk Rule

    FED proposed to revise and extend, for three years, FR 4201, which is the information collection under the market risk capital rule.

    January 22, 2020 WebPage Regulatory News
    News

    HKMA Consults on Stay Rules on Financial Contracts Under FIRO

    HKMA published proposals for making rules related to contractual stays on termination rights in financial contracts for authorized institutions under FIRO or the Financial Institutions (Resolution) Ordinance (Cap. 628).

    January 22, 2020 WebPage Regulatory News
    News

    MAS Amends Notices on Minimum Liquid Asset Requirements for Banks

    MAS published amendments to Notices 1015, 613, and 649 related to the minimum liquid assets (MLA) requirements.

    January 21, 2020 WebPage Regulatory News
    News

    APRA Publishes Submission on Fintech and Regtech

    APRA published its submission, to the Senate Select Committee, on financial technology and regulatory technology.

    January 21, 2020 WebPage Regulatory News
    News

    OSFI to Implement Operational Risk Capital Rules for Banks in Q1 2022

    OSFI decided to move domestic implementation of the revised Basel III operational risk capital requirements from the first quarter of 2021 to the first quarter of 2022.

    January 20, 2020 WebPage Regulatory News
    News

    ECB Consults on Guideline on Threshold for Credit Obligations Past Due

    ECB published a draft guideline, along with the frequently asked questions (FAQs), on the definition of the materiality threshold for credit obligations past due for less significant institutions.

    January 20, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4541