As part of its work on implementing the action plan on sustainable finance, the Commission set up a Technical Working Group on Sustainable Finance in spring 2018. The main tasks of the Group are to assist the Commission in the development of
- an EU taxonomy of environmentally sustainable economic activities
- an EU Green Bond Standard
- a category of "low carbon" indices for use by asset and portfolio managers as a benchmark for a low carbon investment strategy
- metrics allowing improving disclosure on climate-related information.
The members of the group represent a wide variety of financial and economic actors as well as non-governmental agencies and academics.
A number of European and international institutions contributing to the development of sustainable finance have been invited as members or observers to the Group. They include representatives from the European Supervisory Authorities, the European Central Bank, multilateral development banks (such as the European Investment Bank and the European Bank for Reconstruction and Development), the European Environment Agency, the United Nations Environment Programme Finance Initiative, the Central Banks and Supervisors Network for Greening the Financial System, and the Organisation for Economic Co-operation and Development.
In determining the composition of the group, the Commission has considered the technical expertise of the candidates, the need for a balanced representation of relevant know-how from financial and real economic actors, geographical coverage and gender. The group will hold its first meeting in early July. Its mandate will run until 30 June 2019, with possible extension until the end of 2019.