The EU Parliament's Committee on Economic and Monetary Affairs (ECON) has published a draft own-initiative report on the High Level Expert Group's (HLEG's) final report on sustainable finance, lending its political support to the HLEG's recommendations. Amongst other things, the draft report:
- calls on EU Member States, in coordination with the EU Commission and the European Investment Bank, to evaluate their national and collective public investment needs to ensure that the EU is on track to meet its climate change goals within the next five years;
- calls on the Commission to lead a multi-stakeholder process to establish by the end of 2019 a robust and credible green taxonomy, including a 'Green Finance Mark', through a legislative initiative;
- calls on the Commission to adopt a regulatory strategy aimed, amongst other things, at measuring sustainability risks within the framework of capital adequacy rules;
- calls on the European Supervisory Authorities (ESAs) to develop guidelines for model contracts between asset owners and asset managers, which would incorporate the transmission of the beneficiary interest as well as clear expectations as regards the
- identification and integration of environmental, social and governance (ESG) risks on behalf of the asset manager; and
- calls on the Commission to establish a legally binding labelling system for personal bank accounts, investment funds, insurance, and financial products indicating their level of conformity with the Paris Agreement and ESG goals.