The European Commission is today publishing the list of members of the new Technical Expert Group on Sustainable Finance. The Group, which will start meeting in July 2018, comprises 35 members from civil society, academia, business and the finance sector.
The Technical Expert Group was announced in the Commission’s Action Plan on Sustainable Finance from March 2018 and in the subsequent package of legislative measures on 24 May 2018. Valdis Dombrovskis, Vice-President responsible for Financial Stability, Financial Services and Capital Markets Union said: “Today’s launch of the Technical Expert Group is another step in our ambitious timetable to lay the foundations for a more sustainable financial system. Already as of July, this diverse and highly qualified group of experts will get to work, helping us determine which economic activities are truly green, define an EU standard for green bonds, and more. I am committed to a swift follow-up on their expert advice, in line with our Action Plan on Sustainable Finance and following our legislative proposals last month.” As well as developing an EU classification system – or so-called taxonomy – for environmentally-sustainable activities, the group will also support the Commission in the creation of an EU Green Bond Standard, in improving the disclosure of climate-related information and by helping develop a category of low-carbon indices. The Commission selected highly-qualified candidates out of 185 eligible applications on the basis of their personal expertise, their contribution to work relevant to sustainable finance and the prominence of their affiliation in this area. Several European and international institutions have been invited as members or observers, including the European Supervisory Authorities, development, the European Environment Agency and United Nations Environment Programme Finance Initiative. More information available here.