Following today’s Announcement by the European Commission on the European Green Deal, Michael Cole-Fontayn, Chairman of AFME, said:

“This European Green Deal is a material signal of the prominent role that the environment will play in the new Commission legislative cycle and will help to develop Europe’s global leadership on sustainable finance.”

The banking sector is strongly committed to the transition to a carbon-neutral economy and AFME members remain highly supportive of initiatives that help to further integrate environmental, social and governance (ESG) considerations in the products and services offered to consumers and investors.

The Commission’s intention to launch a new and more ambitious Action Plan on Green Financing is also a positive step which will encourage sustainable finance to become a more mainstream part of the European economy.

AFME continues to support the industry in achieving the following key objectives, among many others:

• Ensure the smooth implementation of the EU-wide taxonomy of sustainable activities;
• Develop pragmatic approaches to climate risk management and risk sensitive approaches to the prudential treatment of sustainable assets;
• Work to implement agreed changes to corporate reporting and disclosures of climate related information.

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