Reacting to the Commission’s proposal on sustainable finance put forward today, S&D Group spokesperson on economic and monetary affairs, Pervenche Berès MEP, said:

 

“The Socialists and Democrats are fully committed to putting Europe on the path of sustainable development. We want to make finance more responsible and ensure that it serves society with a positive social and environmental impact.

 

“We welcome the Commission's proposal as they follow through on their ambition of setting minimum requirements for investors in terms of sustainability, as well as creating common criteria that will help investors and citizens recognize if their money participates in greening the economy or not. Most investors are attached to environmental, social and ethical values, but they also have to be informed thanks to standardised, understandable and accessible criteria. If we want to honour our Paris agreement goals, we imperatively need to use private money and shift investment towards more sustainable projects and be wary of green washing attempts.

 

“However, sustainability is a concept larger than the environment: it includes social and governance issues, as is highlighted by the Parliament's own initiative report on sustainable finance that will be adopted next week. By postponing the addition of a social component, the Commission sends the wrong message to Europeans. The transition to a low-carbon, sustainable society is a priority, and social issues are not an afterthought but a vital component of the fairer society our group is fighting for.”

 

 

“The Socialists and Democrats have consistently pushed for investors to take more responsibility when it comes to managing the sustainable risks of their assets. We welcome that the Commission has now finally taken up this issue and are willing to put sustainability at the core of investors’ duties.

 

“The proposal for a unified EU classification system is long overdue – and under the current proposals, a full-fledged taxonomy will not be in place before 2026, even though a wide range of metrics and standards are already available today for environmental, social and governmental risks and factors.

 

“Now all three risk types must be developed as fast as possible. This taxonomy will enable investors and citizens to identify areas where sustainable investment can make the biggest impact and will empower them to make positive choices for our common future. It is about time the financial system becomes more just and sustainable.”