Corporate Forum for Sustainable Finance: European companies supporting green finance
16 major European companies have signed the "Corporate Forum for Sustainable Finance", the document for a concrete commitment of the private sector in supporting the promotion and implementation of sustainable financial instruments.
Create a real network to facilitate and contribute to the development of financial instruments able to effectively combat climate change, promoting a more sustainable and responsible society and a low-carbon economy.
Among the European companies that joined the Forum were also three Italian excellences, Enel - Terna - Ferrovie dello Stato Italiane, which had already shown their interest in the so-called Climate Finance instruments such as Green Bond. Green bonds have become a real investment vehicle for the process of decarbonising companies.
This is confirmed by news of these days that saw the Italian company ENEL open the new year with the launch of a green bond on the market, demonstrating the concrete commitment in the low-carbon transition of the Italian economy and how these instruments are become fundamental for an effective and long-term Climate Action.
Corporate Forum for Sustainable Finance is a great opportunity to demonstrate the role of private sector leadership for sustainable growth.
The action plan of the European Commission for Sustainable Finance
From 2007 to today in Europe, thanks also to the support of the European Community which has defined the first action plan on sustainable finance and which intends to create a unified system (taxonomy) to provide clarity and orientation regarding the activities to be considered "sustainable" "and useful for climate change mitigation, there are about 144 emitters of green bonds totaling over 122 billion euros.
The European Commission, in June 2018, established the Technical Expert Group on Sustainable Finance (TEG) to provide assistance in four key areas of the Europe Action Plan for Sustainable Finance. The main objectives are:
- Development of a unified classification system (taxonomy) to provide clarity and orientation regarding the activities to be considered "sustainable" and useful for the mitigation of climate change sustainable economic activities
- Creation of a Standard, and of concrete norms, for new sustainable financial products
- Promoting investments in sustainable projects by providing benchmarks for low carbon investment strategies
- Guidelines to promote the disclosure of information on climate by companies. Climate information contributes significantly to efficiently managing capital towards investments that generate solutions for climate change mitigation and adaptation.
As stated by Jyrki Katainen, Vice President of the European Commission for Labor, Growth and Investment, "creating the right conditions for the private sector to approach sustainable financial instruments is crucial for the transition to a sustainable and efficient circular economy" .