Green finance directions emerge from HLEG process: Feedback sought for final report. If you can’t be in Brussels come to the London Briefing July 20th.
What’s it all about
What’s in the Interim Report?
The Interim Report identifies a number of directions to build green finance and investment in the EU in order to meet the Paris climate and emissions reduction goals and also ensure the financial system is contributing to long term sustainable economic growth and positive social development.
In summary, the early recommendations of the HLEG are to:
- Develop a classification system for sustainable assets
- Establish a European standard and label for green bonds and other sustainable assets
- Clarify that fiduciary duty encompasses sustainability
- Strengthen ESG reporting requirements
- Introduce a 'sustainability test' for EU financial legislation
- Create 'Sustainable Infrastructure Europe' to channel finance into sustainable projects
- Enhance the role of the ESAs in assessing ESG-related risks
- Unlock investments in energy efficiency through relevant accounting rules
An EU Wide Approach to Green Bond Standards & Labelling?
Such a move would accelerate green bond markets in the EU and attract significant capital commitments from institutional investors and pension funds.
Larger green debt markets would also support the HLEG recommendation around channelling more finance into sustainable infrastructure projects.
An EU wide standard and label for green bonds would also provide a powerful signal to potential sovereign issuers and boost the development of nascent green bond markets in emerging economies.
In combination, this sequence could go a long way towards reaching the $1trn by 2020 green bonds milestone, part of the six point plan to slow emissions growth outlined by global climate leaders in a recent statement published in Nature Magazine.
How do I find out more?
If you’re in Brussels:
The European Commission will be hosting a public hearing on sustainable finance on Tuesday 18th July to launch a public consultation on the Interim Report. The hearing itself will also allow stakeholders to provide feedback and responses to the HLEG on the Interim Report.
You can register here.
But if you’re in London?
Invitation: Interim Report London Briefing-July 20th
London-based members of the HLEG are undertaking a consultation with key stakeholders to review the Interim Report and its recommendations on the 20th July.
This event is being convened by Climate Bonds Initiative and the Cambridge Institute for Sustainable Leadership (CISL) in association with UNEP, and is kindly hosted by Norton Rose Fulbright.
The day will commence with an introduction by Jacqueline Heng of Norton Rose Fulbright.
This will be followed by an overview on the Interim Report from HLEG members, and then a Q/A session.
Nathan Fabian, PRI
Paul Fisher, Cambridge Institute for Sustainability Leadership
Sean Kidney, Climate Bonds Initiative
Sara Lovisolo, London Stock Exchange Group
Richard Mattison, Trucost (S&P Global)
Nick Robins, UNEP Inquiry
After the morning coffee break, there will be an opportunity to participate in more focused discussions on topics in the Interim Report to generate immediate feedback for HLEG members.
A luncheon and networking will take place at the conclusion of these discussions.
Interim Report: London Agenda
Where: Norton Rose Fulbright
3 More London Riverside, SEI 2AQ
When: Thursday July 20th 2017 8.00-1.30pm
Agenda: Coffee and Pastries 8.00-9.00am
Remarks by Jacqueline Heng 9.00-9.10am
Interim Report Overview 9.10-10.30am
Coffee Break 11.00-11.30am
Focused Discussions 11.30-12.00pm
Luncheon and Networking 12.00-1.30pm
Registration and Additional Information
The Last Word
We hope to see you at Norton Rose on the 20th!
'Till next time,
Disclosure: Several organisations named in this communication are Climate Bonds Partners. A full list of Partners can be found here.
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