The European Commission has announced the composition of the High-Level Expert Group on sustainable finance. The Group, which will start meeting as of January 2017, comprises 20 policy leaders from civil society, the finance sector and academia.
The establishment of this Group was announced in the Communication on accelerating implementation of the Capital Markets Union (CMU) of 14 September 2016. The objective is that the Expert Group provides, by the end of 2017, recommendations for a comprehensive EU strategy on sustainable finance as part of the Capital Markets Union. The Commission will draw on these recommendations to determine how to integrate sustainability considerations into the EU's rules for the financial sector. This marks an important step in the follow-up to the EU's 2030 Agenda for sustainable development as well as the Paris Agreement on climate change.
European Commission Vice-President Valdis Dombrovskis, responsible for Financial Stability, Financial Services and Capital Markets Union, said: "We are committed to promoting sustainable finance in Europe. In appointing the members of our high level expert group, we have drawn on the best talent and expertise there is. They will ensure our approach to sustainable finance is ambitious and at the forefront of innovation. They will help us hardwire sustainability into EU financial policy."
In response to the call for applications published on 28 October 2016, the European Commission received 103 eligible applications from civil society, the business and finance community as well as other non-public sector institutions. The Commission selected 20 highly qualified candidates on the basis of their personal expertise, their contribution to work relevant to sustainable finance, as well as the prominence of their affiliation in this area. The Commission has also taken steps to ensure a geographical and gender balance in the Group's membership.
The European Commission has appointed as Chairperson Christian Thimann, Group Head of Regulation, Sustainability and Insurance Foresight of AXA. Mr Thimann has recently served as Vice-Chair of the Financial Stability Board Task Force on Climate Related Financial Disclosures. In addition to his international leadership role on policy issues in the field of sustainable finance, he has a long history of managing challenging European policy briefs in both the public (European Central Bank) and private (AXA) sector.
Press release
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