Febelfin is given a unique opportunity to present the sustainable standard at the COP 25 climate conference
12 December 2019 - 4 min Reading time
Febelfin supports the ambitious objectives of the European Commission
A climate-neutral European Union by 2050 and at least 50% less emissions by 2030 instead of the current 40%. That is what the European Commission wants to achieve with its Green Deal. Important: with these ambitious objectives, the European Union wants to get everyone on board, from citizens to industry, from green pioneers to late bloomers.
A good plan, says Febelfin. The financial sector therefore welcomes the Green Deal and is committed to supporting this green transition.
The Towards Sustainability initiative (sustainable standard for investment products) is the perfect example of this. And the UN Climate Change Conference COP 25 is the ideal place to reinforce its commitment. Tom Van den Berghe of Febelfin is presenting the sustainable standard to climate enthusiasts today. A unique opportunity and confirmation that the sustainable standard is a strong and leading initiative, not only in Belgium but also for other countries.
“Our Febelfin colleague Tom Van den Berghe is presenting today the 'Towards Sustainability label' of the Belgian financial sector at the climate conference COP 25 in Madrid. We can and must be proud of the initiatives we take to take climate steps forward. The label is a first step, but subsequent steps must follow quickly.”
Action from every angle
Achieving the ambitious targets set by the European Commission requires action from every angle. Not only from public but also from private. And should we not only support existing green innovation, but also sectors and private individuals who have only just – or not yet – embarked on a greener path.
Febelfin therefore believes that the European Commission has made the right choice by opting for an inclusive and fair transition. Supporting carbon-intensive companies to make the switch fits in with this. Or: the social measures to renovate private homes in an energy-efficient way. The financial sector wants to continue to play its role in this.
Role for the sustainable standard
Febelfin supports the ongoing regulatory initiatives on disclosure (more transparency) and taxonomy (clear definitions). They are very important for financing the green transition. Febelfin also undertakes that if the European definitions require an adjustment of the sustainable standard (proposed earlier this year), the conditions for that Towards Sustainability label will immediately be tightened.
In short: investment products that score well in terms of sustainability are awarded a sustainability label. Today, consumers can choose from 311 different funds that pay attention to people, animals, society or the planet. A new wave will follow in February of next year.
Model of the future
The Green Deal also points to the circular economy as the economic model of the future. Febelfin and the Belgian Leasing Association (BLV) share this conviction. They draw guidelines for circular projects so that they can receive better and faster support from the financial sector.
With these initiatives, the financial sector wants to boost the sustainability of our society. After all, he realizes that he can play an important role in this. Not least because it accounts for about 80% of the financing of citizens and companies.
