The first legislation relating to an EU sustainable finance taxonomy will come as early as this spring, according to Commission vice president Valdis Dombrovskis, who said today (Friday) that a green bond label will be part of its action plan and a green supporting factor is still on the cards.
The EU High-Level Expert Group (HLEG) on sustainable finance delivered a “manifesto for far-reaching change” in the form of its final recommendations to the European Commission today (Wednesday), with a call for an official EU Green Bond Standard to be introduced this year.
The European Commission launched a public consultation yesterday (Monday) on how ESG factors could be integrated into the fiduciary duties of asset managers and institutional investors, as Valdis Dombrovskis spoke of the importance of private capital in achieving climate targets at COP23.
A former Bank of England MPC and PRA board member played down hopes of a cut in risk weights for green mortgages at a meeting yesterday (Thursday) where members of the European Commission high level expert group (HLEG) and others discussed their recommendations on sustainable finance.
An EU standard and label for green bonds and other sustainable assets can unlock the market’s potential, according to recommendations presented to the European Commission, while at a hearing yesterday (Tuesday) the EMF-ECBC called for the establishment of green mortgages to let the industry “do our job”.