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The EU’s sustainable finance agenda took off in 2018 with the publication of the High-Level Expert Group Report on Sustainable Finance, initiating the decade of sustainable finance. Five years later it is time to evaluate. What are the lessons learned of the previous five years? And what should the next Commission do to achieve a sustainable financial market by the end of its mandate?
Sustainable finance is still a work in progress as can be seen by growing international criticism. While some fear it stifles innovation and creates a system of woke capitalism, others deem sustainable finance a distraction without a significant effect on climate change. EU action has been instrumental in creating a mature global market, yet challenges remain. While the Sustainable Finance Disclosure Regulation was a big step forward, the lack of clear minimum standards for sustainable funds has led to accusations of greenwashing. Further, the EU Taxonomy’s focus on “being green” has led to divisive debates, which a bigger focus on “becoming green” through transition finance could help deflate. Lastly, an excessive focus on environmental sustainability might undermine efforts to create a just transition that citizens support.
A good moment to evaluate: What is the reason we embarked on this challenge? And are we focussing our energy on the right aspects? Are we doing enough to make financial markets a real engine for sustainable growth, particularly in the context of what may very well be remembered as the decade of sustainable finance, or are we creating fee-generating business models for the financial sector?
To address these questions and stimulate the debate on sustainable finance, this half-time evaluation will bring together politicians, regulators, NGOs, and industry. With all cards of the current Commission on the table, including the recent communication on transition finance, we can move to a next phase in the sustainable finance agenda. With a focus not just on defining what is green, but on helping companies actually become green. And to extend the EU’s sustainable finance agenda to the full scale of ESG considerations.
Exact timings are still subject to change
13.00 – 13.05
13.05 – 13.15
13.15 – 13.55
Moderator
13.55 – 14.15
The Sustainable Finance agenda’s response to global warming
Interviewer
14.15 – 14.30
The need for climate action and the role of the financial sector
14.30 – 14.50
14.50 – 15.30
Moderator
15.30 – 15.45
15.45 – 16.25
Moderator
16.25 – 16.40
17.00 – 18.00
Member of the European Parliament
Dr Paul Tang is a Dutch MEP for the Socialists and Democrats in the European Parliament since 2014. He is member of the parliamentary committees on economy and monetary affairs, budget and industry & energy. After obtaining a Phd degree on economic growth, Dr Tang has lead research at the Dutch Centraal PlanBureau (Netherlands Bureau for Economic Policy Analysis) and contributed to the on-going discussions on how the economic growth and the social welfare state relate to each other but also worked on climate change policies, and authored political-economic scenarios for Europe. Intrigued by the impact that political choices have on the lives of people, he ran as MP for the Dutch Labour Party in 2006 and served for four years as a spokesperson on financial and fiscal affairs. It was in these years that the crisis began to hold sway at both sides of the Atlantic Ocean. In the European Parliament, Dr Tang battles for more jobs for Europe, a healthy financial sector at the service of society and more legitimacy for Europe.
Trustee of the IFRS foundation
Lucrezia Reichlin is Professor of Economics at the London Business School. She is non-executive director of AGEAS Insurance Group and sits on the Board of Morgan Stanley International and its German subsidiary. Ms Reichlin has a PhD in economics from New York University. She has held a number of different academic positions and has published widely on econometrics and macroeconomics. She is a Fellow of the British Academy and of the Econometric Society. Ms Reichlin is a trustee of the Center of European Policy Research and serves in the board of several research organizations. She has previously served as Director General of Research at the European Central Bank, as a consultant to several other central banks around the world and as a chair of the Scientific Council at the Brussels-based think tank Bruegel.
Chair, European Securities and Markets Authority
Verena Ross is the Chair of the European Securities and Markets Authority (ESMA). She took up the role on 1 November 2021 and is responsible for representing the Authority as well as preparing the work of and chairing its Board of Supervisors and Management Board. Between 2011 and 2021 Verena Ross served as ESMA’s first Executive Director, when she was responsible for building up the organisation and overseeing its day to day running. Prior to this, Verena held a number of senior posts in the UK's Financial Services Authority (FSA) and was a member of the FSA's Executive Committee. Verena joined the FSA in 1998 to run the Executive Chairman’s office during the regulator’s start-up phase and was briefly a seconded advisor to the Hong Kong Securities and Futures Commission in 2000. She held various positions in the FSA’s Markets Division and was Director of Strategy & Risk Division before becoming Director of the International Division. Verena is a German national. Following studies in Sinology and Economics in Hamburg, Taipei and London (SOAS) she began her career at the Bank of England in 1994, where she worked as an economist and banking supervisor.
Head of unit, Sustainable finance, European Commission
Martin Špolc is the Head of the Sustainable Finance in the European Commission's Directorate General for Financial Services. Prior to his current role, he was the Head of the Capital Markets Union unit, the Economic analysis unit, Deputy Head of the Banking unit and Assistant to the Director General, directly involved in developing key projects in the area of financial services since the banking crisis. Before joining the Commission, he had worked at risk management consultancy and the banking sector. He is the holder of the CFA and FRM designations and member of the CFA Institute and Global Association of Risk Professionals.
Chief Sustainable Systems Officer, UN PRI
Nathan Fabian is Chief Sustainable Systems Officer at the United Nations-supported Principles for Responsible Investment. The PRI supports over 5000 institutional investors globally to incorporate Environmental, Social and Governance factors into their investment activities. He has been with the PRI for five years. From November 2020 – October 2022, Nathan was Chair of the EU Platform on Sustainable Finance, a public and private sector expert panel to develop sustainable finance policies and tools in Europe, including the EU Taxonomy, Nathan previously served as the Rapporteur for the Taxonomy Group of the EU Technical Expert Group on Sustainable Finance. He was an Observer on the EU High Level Expert Group on Sustainable Finance and part of the Secretariat for the UK Green Finance Taskforce. These roles are part of twenty years of professional experience in sustainable finance in government policy, investment research and ratings on companies, and the development of investment processes and tools. Prior to the PRI, Nathan was the CEO of the Investor Group on Climate Change (IGCC) Australia / New Zealand. Previous roles include Head of ESG Research at Regnan, a provider of ESG research and engagement services; and as a Corporate Governance Policy Advisor in the Australian Parliament. Prior to this Nathan was a founding Partner of Full Corp Partners, a financial services and IT start-up company advisory firm. He has also worked as a change management consultant for Arthur Andersen and as a market analyst at global communications manufacturing company, Krone. Nathan holds a M.A. in International Relations from the University of New South Wales, a BBus from the University of Newcastle (Australia) and is a Vincent Fairfax Fellow in ethics and leadership.
Global Head of ESG Research, Barclays
Maggie O'Neal is a Managing Director and Global Head of ESG Research. She co-developed Barclays' approach to ESG Research and assumed her current role in 2022. Prior to moving to ESG Research, Maggie covered Basic Industries/Industrials and was named in the top three of Institutional Investor European Fixed Income Research team for her coverage of Basic Materials and Industrials since 2016. Prior to joining the firm in 2015, she was at Deutsche Bank for ten years, where she held a similar role covering High Yield Basic Industries and Industrials following a short time in Emerging Markets Credit Risk.
Senior Fellow, Bruegel
Rebecca Christie is a senior fellow at Bruegel, the Brussels-based economic policy think tank. She writes and speaks publicly about EU politics, financial regulation, tax and climate finance issues. Previously, she was the lead author on "Safeguarding the Euro in Times of Crisis", the official history of the European Stability Mechanism, and worked for more than 20 years as an economics and politics correspondent for Bloomberg News, Dow Jones/The Wall Street Journal and the Financial Times.
Executive Vice-President for an Economy that works for People, European Commission
Valdis Dombrovskis is Executive Vice-President of the European Commission responsible for an Economy that Works for People, also in charge of Trade (since October 2020). Before this, he was Vice-President responsible for the euro, social dialogue, financial services and the Capital Markets Union. In Latvia, he was his country’s longest-serving head of government with three terms as prime minister. He served as Finance Minister, was a Member of the Latvian Parliament and elected twice to the European Parliament. In his pre-political life, he worked as chief economist at the Bank of Latvia and before that, as a research assistant at Mainz University, at the Institute of Solid-State Physics in Latvia and the University of Maryland. Valdis Dombrovskis holds degrees in both physics and economics.
Economist, WWF
Mr Sebastian Godinot has worked in the environmental sector for over 21 years and is currently the senior economist of WWF European Policy Office and Head of the Sustainable finance unit. His area of expertise lies in private and public finance, budgetary and subsidy issues, and the wider issue of sustainable economy. He has 12 year experience in EU finance policy. He is leading a WWF programme aiming at reforming EU financial policies to integrate sustainability requirements - focusing in particular on the EU Action Plan on sustainable finance and the Strategy for Financing the Transition to a Sustainable Economy. He is a member of the EFRAG General Assembly on sustainability reporting standard and of the ESMA Consultative Working Group of the Coordination Network on Sustainability. He was a member of the EU Platform on sustainable finance in 2020-22. Mr Godinot holds a postgraduate degree in Environmental Law from the University of Strasbourg, a Master’s degree in Private and Economic Law at Lyon University and holds a diploma in Business Management from Lyon Business School, one of the most renowned French business schools.
Member of the Executive Board, European Central Bank
Frank Elderson is a member of the Executive Board of the European Central Bank. He oversees the ECB’s Legal Services and is Vice-Chair of the ECB’s Supervisory Board. Mr Elderson previously served as Executive Director of De Nederlandsche Bank (DNB). At DNB he held several senior positions before joining its Governing Board in 2011. Frank Elderson co-chairs the Task Force on Climate-related Financial Risks of the Basel Committee on Banking Supervision. From January 2018 to January 2022 he served as the first Chair of the newly founded Network of Central Banks and Supervisors for Greening the Financial System. Mr Elderson studied various courses at the University of Zaragoza, Spain. He graduated in Dutch law at the University of Amsterdam in 1994 and obtained an LL.M. Degree at Columbia Law School, New York, in 1995.
Member of the European Parliament
Dr Paul Tang is a Dutch MEP for the Socialists and Democrats in the European Parliament since 2014. He is member of the parliamentary committees on economy and monetary affairs, budget and industry & energy. After obtaining a Phd degree on economic growth, Dr Tang has lead research at the Dutch Centraal PlanBureau (Netherlands Bureau for Economic Policy Analysis) and contributed to the on-going discussions on how the economic growth and the social welfare state relate to each other but also worked on climate change policies, and authored political-economic scenarios for Europe. Intrigued by the impact that political choices have on the lives of people, he ran as MP for the Dutch Labour Party in 2006 and served for four years as a spokesperson on financial and fiscal affairs. It was in these years that the crisis began to hold sway at both sides of the Atlantic Ocean. In the European Parliament, Dr Tang battles for more jobs for Europe, a healthy financial sector at the service of society and more legitimacy for Europe.
Board Member, Spanish National Securities Market Commission & Chair of the EU Platform on Sustainable Finance
Helena is commissioner of the Spanish Financial Markets Authority (CNMV) and Chair of the EU Platform on Sustainable Finance. She is also a member of the EIB´s Climate and Environment Advisory Council and formerly of the UN Secretary-General High-Level Expert Group on Net Zero Pledges. Helena was co-rapporteur of the EU Platform on Sustainable Finance (2020-2022) and had previously been a member of the Technical Expert Group on Sustainable Finance whose role was to assist the European Commission in the development of EU taxonomy and the implementation of the EC Action Plan (2018-2020). Prior to the CNMV, Helena was Senior Policy Adviser on Sustainable Finance for BNP Paribas and Global Head of Stewardship and Policy for BNP Paribas Asset Management. She led on BNPP AM’S policy and stewardship activities (engagement with companies, proxy voting ) on Sustainability. She was a board member of the Institutional Investors Group on Climate Change (IIGCC), a member of the AMF Comite de Climat et Finance Durable and represented BNPP AM in the EFAMA committee on Stewardship and ESG. She sat on a number of additional committees, including the Sustainable Stock Exchanges Green Finance Advisory Group, PRI Policy Reference Group and the Technical Advisory Group of the LSE-led Transition Pathway Initiative. As Deputy Global Head of Sustainability, Helena played a critical role in the design, development and implementation of BNPP AM’s Global Sustainability Strategy. Helena had previously led the Sustainability Research team. She has twenty years’ experience of working in responsible business and sustainable investment. Previously, Helena led Oxfam's advocacy work on responsible investment and engagement with institutional investors in support of poverty reduction. She is the author of numerous papers and articles, book chapters and a book. She earned a BA in Economics and a postgraduate in Latin American Economics from the University of Barcelona (Spain), followed by an MSc in Development Studies from the London School of Economics and Political Science.
Director of Environmental, Social and Governance, UK Financial Conduct Authority
Sacha Sadan is the Director of ESG at the FCA (Financial Conduct Authority). Facilitating the UK financial regulator to embed ESG across the wide spectrum of regulatory activities and reporting to the CEO. He has been named a City Influencer by Financial News as one of the biggest 25 names who have been instrumental in shaping the UK's financial services industry, and has also recently been appointed an Honorary Professor at the Alliance Manchester Business School at The University of Manchester. Previously Sacha was Director of Investment Stewardship (10 years) and on the board at LGIM, one of the world’s largest asset managers. Sacha had responsibility for investment stewardship, including environmental, social and governance (ESG). He was recognised in the Financial Times as one of ‘the 30 most influential people in the City of London’. Sacha was previously a UK equity portfolio manager at Gartmore. He was voted the top-rated Pan European fund manager in the Thomson Reuters Extel awards. He started his career at Universities Superannuation Scheme (USS) pension fund. Sacha is a Fellow of CFA, CGI and a founding member of the UK Investor Forum.
Managing Director, Head of EMEA ESG & Green Economy Investment Banking, JP Morgan
Biography is coming soon.
deputy editor, Responsible Investor
Biography is coming soon.
Minister of Finance and first Deputy Prime Minister, Government of the Netherlands
Biography is coming soon.
Chair, European Insurance and Occupational Pensions Authority
Petra is the Chairperson of EIOPA and is leading the Authority since September 2021. On 27 May 2021 the Council adopted the decision to appoint her after the confirmation by the European Parliament on 18 May 2021. Petra is also member of the ESRB Steering Committee and the ESRB General Board and a voting member of the IAIS Executive Committee. Besides that she is the Champion of the IAIS Fintech Forum. Prior to this role Petra was Division Director Insurance Supervision at De Nederlandsche Bank (DNB, the Dutch Central Bank). Petra joined DNB in February 2007 as a policy advisor, contributing to the development of Solvency II. In 2013 she became Head Insurance Policy and in 2015 she was appointed as Head of the DNB Expert Center for Fit & Proper assessments. In February 2017 Petra started as Director of Payments and Market. Prior to joining the Dutch Central Bank Petra had an international career as a financial advisor in emerging economies. Prior to being appointed as EIOPA Chairperson Petra was an Alternate Member of the EIOPA Board of Supervisors. She was also the Chair of the EIOPA Policy Committee. Before that she participated in several EIOPA and CEIOPS working groups and fulfilled some international roles including Chair of the FSB fmiCBCM (recovery & resolution for CCPs), member of the BIS Committee for Payments and Market Infrastructures, member of the ECB Market Infrastructures Board, member of the IAIS Technical Committee. Petra has a European Masters in Law & Economics and a Masters in Russian Studies. She is married and proud mother of three children.
Co-President, The Club of Rome
Sandrine Dixson-Decleve is an international and European climate, energy, sustainable development, sustainable finance, complex systems thought leader. She is currently the Co-President of the Club of Rome and divides her time between lecturing, facilitating difficult conversations and advisory work. She currently Chairs the European Commission, Expert Group on Economic and Societal Impact of Research & Innovation (ESIR) and sits on several Boards & Advisory Boards including Climate KIC, Laudes Foundation, Imperial College Leonardo Centre, EDP, BMW, UCB and is a Senior Associate and faculty member of the Cambridge Institute for Sustainability Leadership (CISL). In addition, she is an Ambassador, for the Energy Transition Commission (ETC) and the Well Being Alliance (WeAll) and a Fellow of the World Academy of Science & Art. In 2017 Sandrine co-founded the Women Enablers Change Agent Network (WECAN). Recognitions and previous positions include: Sandrine recently published “Quel Monde Pour Demain” lucpire editions 2021 and “Earth for All: A survival guide for humanity”. 2022 She was recognised by GreenBiz as one of the 30 most influential women across the globe driving change in the low carbon economy and promoting green business. She has spent her career working with and bringing together business leaders, policy makers, academia and NGO’s to unpack complex challenges. Until recently, Sandrine was on the European Commissions Sustainable Finance Platform and Sustainable Finance Taxonomy Expert Group, Assembly Member, Climate Mitigation & Adaptation Mission (European Commission, DGR&I) and chaired the UCL Bartlett School of Environment Energy & Resources Advisory Board. She was Chief Partnership Officer for UNSEforAll, and Director of the Prince of Wales’ Climate Leaders Group and the European Office of CISL. Over her 33 year career, she has advised HRH The Prince of Wales, Members of the European Parliament, European Commission President’s, Commissioners and officials, Governments in Asia, Africa and the Middle East, international organizations (OPEC, ADB, OECD, UNEP, USAID, UNFCCC, IEA) and business leaders of large international, European and African companies. Sandrine was Vice Chair, European Biofuels Technology Platform 2008-2016; Board member, We Mean Business 2014-2016 and the Sustainability Advisory Board of the Oil and Gas major Sasol from 2007-2010.
CEO, Euronext Brussels & member of Management Board, Euronext Group
Mr van den Hove is CEO of Euronext Brussels and member of the Managing Board of Euronext N.V. Previously, he was Head of Listing of Euronext Brussels. Mr van den Hove has more than 20 years of experience in various roles in capital markets’ and financial markets’ roles, advising Belgian and international clients on the financing topic through capital markets’ transactions. Prior to joining Euronext, he spent 17 years at ING, a Benelux bank. In his last role, he was the Belgian Head of the Legal Financial Markets’ team of ING as well as the Product Head of Capital Markets. He started his career as a lawyer at Linklaters. Mr Van den Hove holds a Master’s Degree in Law (KULeuven) and an International Executive MBA (Louvain School of Management).
deputy editor, Responsible Investor
Biography is coming soon.
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