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Title: Final report of the High-Level Expert Group on Sustainable Finance
Author: High-Level Expert Group (HLEG) on Sustainable Finance
Source Origin: EU
Source Type: Report
Notes: This report sets out strategic recommendations for a financial system that supports sustainable investments. Its input contributes to the drafting of the European Commission's strategy on sustainable finance.
Source URL: https://ec.europa.eu/info/publications/180131-sustainable-finance-report
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Keywords: Capital Markets Union | CMU - Sustainable finance | development | investments - High Level Group | HLEG
Subjects:  7.5.a - Financial services
Geographic Indicators:  European Union
Further information:

The report by the HLEG on sustainable finance maps out the challenges and opportunities that the European Union faces in developing a sustainable finance policy. It identifies ways in which the financial sector can re-connect with the real economy to support the transition to a more resource-efficient and more circular economy. The group argues that reorienting investment flows into long-term, sustainable projects will also improve the stability of the financial system.

The report proposes: a classification system, or 'taxonomy', to provide market clarity on what is 'sustainable'; clarifying the duties of investors' when it comes to achieving a more sustainable financial system; improving disclosure by financial institutions and companies on how sustainability is factored into their decision-making; an EU-wide label for green investment funds; making sustainability part of the mandates of the European Supervisory Authorities (ESAs); a European standard for green bonds.

Background information:

An EU strategy on sustainable finance is a priority action of the Capital Markets Union (CMU) Action Plan. Considering the vital role the financial sector has in reaching the climate change goals of the Paris Climate Agreement and the EU's 2030 Agenda for sustainable development, this HLEG was established in December 2016. It comprised 20 senior experts from civil society, the finance sector, academia and observers from European and international institutions. It was chaired by Christian Thimann.

+ European Commission appoints members of the HLEG on sustainable finance, December 2016
+ High-Level Expert Group on Sustainable Finance delivers its first report, July 2017

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