Trade unions and several high profile NGOs have today published a set of proposals for a Europe-wide regulatory framework which would require investors to measure the impact of their activities on communities and the environment.
The groups are hoping to influence the European Union’s next sustainable finance agenda which will be reviewed after the European parliamentary elections in May.
In a draft declaration, published on Monday (25 February), lobbying groups ShareAction, Global Witness, the World Wildlife Fund, UNI Europa Finance and several others launched their vision at the European Responsible Investment Network conference, taking place in Brussels.
“With EU Parliamentary elections coming up in May and a new to-do list for the Commission, there has never been a more important time for coordinated civil society efforts across Europe,” Eleni Choidas, EU policy manager at ShareAction said in a statement prior to the event.
“The EU has a real opportunity to redesign our economy not just to make our capital markets secure for the long term but to make sure our environment and citizens enjoy the same security now and in retirement.”
In today’s presentation, the groups praised the steps already taken by the European Union in recent years, including proposals for a new law forcing investors to disclose ESG risks, but urged the EU to go further in its next parliament.
“The debate on sustainable finance requires a strong involvement of both the sector, the trade unions, NGOs and politicians,” said Michael Budolfsen, president of UNI Europa Finance.
“Sustainability is about finding joint solutions to common challenges that know no borders. We need European cooperation and we need everybody on board to get solutions that last and leave everybody better off.”