Transforming the EU Financial Sector into a Powerful Actor in Promoting Sustainability

At the beginning of January 2019, the Technical Expert Group on Sustainable Finance set up by the Commission in July 2018 has issued its first report on companies' disclosure of climate-related information. It includes a set of instructions that will lay the foundations for the Commission to reform its voluntary guidelines on non-financial reporting (2014/95/EU). Furthermore, the European Commission has unveiled a series of draft rules on how investment firms and insurance distributors should account for sustainability issues when advising their clients. These recent announcements are part of the Commission's Action Plan on Financing Sustainable Growth, which represents one of the pivotal steps towards the implementation of the Paris Agreement pledge and the EU's agenda for sustainable development