Making the financial system sustainable / edited by Paul G. Fisher.
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Includes bibliographical references and index.
Title
Making the financial system sustainable / edited by Paul G. Fisher.
Artist
Fisher, Paul G. (Paul Gregory), editor.
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Abstract
"Towards the end of 2016, the European Commission set up a High-Level Expert Group on Sustainable Finance (the HLEG) with '20 policy leaders from civil society, the finance sector and academia' . They were joined by nine observers from industry associations and other stakeholders, and were supported by a Secretariat from DG FISMA. We were originally tasked with 'making recommendations for a comprehensive EU strategy on sustainable finance as part of the Capital Markets Union'. Privately the group were told that it would help if we could come up with a handful of practical recommendations that the Commission could implement as part of the work of developing the Capital Markets Union. By the end, our mission had become to 'develop an overarching and comprehensive EU road map on sustainable finance'. As a method of compiling input to EU policy, the approach of using an Expert Group was not new - but the outcome went way beyond any previous experience. During 2017 the HLEG broke new ground: the first such group to launch a public consultation and to have a huge, open conference in Brussels to discuss its interim Report . The HLEG met regularly for around 12 months, publishing its Final Report on 30 January 2018 - thanks to some outstanding chairmanship and secretarial support. Rather than a handful, there were over a hundred specific recommendations (in truth, no one has ever counted, exactly!) The Commission published its Action Plan in response just six weeks later (accompanied by another Brussels conference) and published draft legislation in May the same year. For the public sector, such speed was remarkable. But the urgency was warranted, and not just by the proximity of European Parliament elections. Progress globally on reducing greenhouse gas emissions (both flow and stock) is still not fast enough to avoid the high probability of climate-related catastrophe. Indeed, there are already events around the world leading to death and destruction - and financial loss - which are being amplified by global warming"--Provided by publisher.