IOGP response to consultation on the renewed Sustainable Finance strategy

This document provides IOGP’s response to the consultation on the renewed Sustainable Finance strategy.

The response to the consultation is sent through an online questionnaire.

The transition to a sustainable economy will entail significant investment efforts across all sectors, meaning that financing frameworks, both public and private, must support this overall policy direction.

The financial system as a whole is not yet transitioning fast enough. Substantial progress still needs to be made to ensure that the financial sector genuinely supports businesses on their transition path towards sustainability, as well as further supporting businesses that are already sustainable. It will also mean putting in place the buffers that are necessary to support de-carbonisation pathways across all European Member States, industries that will need greater support, as well as SMEs.

For all of these reasons, the European Green Deal announced a Renewed Sustainable Finance Strategy. The renewed strategy will build on the 10 actions put forward in the European Commission’s initial 2018 Action Plan on Financing Sustainable Growth, which laid down the foundations for channelling private capital towards sustainable investments.

The aim of this consultation is to collect the views and opinions of interested parties in order to inform the development of the renewed strategy.

The Renewed Sustainable Finance Strategy will predominantly focus on three areas:

• Strengthening the foundations for sustainable investment by creating an enabling framework, with appropriate tools and structures.
• Increased opportunities to have a positive impact on sustainability for citizens, financial institutions and corporates.
• Climate and environmental risks will need to be fully managed and integrated into financial institutions and the financial system as a whole.

The questionnaire is structured as follows:

• Information about the stakeholder
• Questions addressed to all stakeholders on how the financial sector and the economy can become more Sustainable
• Questions targeted at experts
• Strengthening the foundations for sustainable finance
• Increasing opportunities for citizens, financial institutions and corporates to enhance sustainability