EBA statement on Sustainable Finance for COP26

EBA highlights, at the COP26, its commitment to support the European banking and financial sector in tackling climate change

ASUFIN is member of the BSG at the EBA since 2020 and supports this statement 

The Banking Stakeholders Group (BSG), is one of the European Banking Authority (EBA) major advisory groups, and our president, Patricia Suárez, was selected in 2020 as consumer representative. And both take Sustainable Finance as a priority. The BSG recognizes the importance of the Sustainable Development Goals, financially inclusive societies, and the role of banks and investment firms in promoting the ESG concept and in financing activities contributing to the achievement of these goals. The primary task of the BSG is to advise the EBA on draft regulatory and implementing technical standards, guidelines and recommendations. 

The BSG notes that the data gaps and exposure classification challenges banks are facing could be an obstacle to achieve the sustainability objectives agreed at international level in the medium term. On this background the BSG commits its resources and expertise to contribute to the work of the EBA to create an effective data set for ESG purposes and to encourage banks to adopt exposure classification criteria. 

The BSG strongly supports the EBA on setting one of the first steps in mandatory prudential disclosures on environmental, social and governance risks. And it states that the starting point will be the transparency and disclosure of information on the level of alignment of credit institutions financial and commercial activities with the Taxonomy in particular related to the environmental objectives of climate change mitigation and adaptation. In the medium and longer-term banks will have to implement processes to identify activities and exposures sensitive to environmental, social and governance risks taking into account relevant channels and considerations specific to each risk category.

Lastly, the BSG also seeks to inspire and encourage banks and investment firms to undertake broader sustainable finance initiatives that will contribute to the Sustainable Development Goals, to strengthen social cohesion and ensure that no one is excluded from basic access to financial services, and to encourage users of financial services to consider ESG issues in their choice of service providers.

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