The financial system’s commitment to sustainability

On 30 October 2020, Commissioner McGuinness addressed the annual Climate Finance Day in Paris. She began by underlining France’s long-standing commitment to sustainable finance, adding that it is also at the heart of her own and the European Commission’s priorities. Ms McGuinness highlighted the two developments that have dramatically changed the finance landscape over the past year: the European Green Deal and the COVID-19 crisis, adding that the pandemic cannot be used as an excuse to delay addressing the challenges of climate change, environmental degradation and biodiversity loss.

Ms McGuinness looked back at recent achievements, highlighting in particular some major legislation covering taxonomy, disclosure and climate benchmarks, which will improve transparency and the integrity of the rapidly growing market for sustainable financial products. She also looked forward, to the renewed sustainable finance strategy planned for early 2021. The strategy will build on the 2018 action plan and explore new ways to mainstream sustainability in the financial and corporate sectors, in Europe and globally.

You can read the full speech here