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Published online by Cambridge University Press: 30 October 2020
Sustainable finance can be viewed as a political concept: it not only facilitates direct financial flows towards a low-carbon and inclusive economy aligned with Europe’s environmental objectives but it also serves as an indicator of how citizens’ personal savings are used. Additionally, it helps to re-legitimise the financial sector for those still outraged by the 2008 financial crisis and its ensuing consequences. To gain back the public’s trust, asset managers will have to do more than just stamp sustainable finance labels on traditional funds. They are going to have to explain their objectives and integration strategy for ESG criteria in financial management. They will also need to explain how they evaluate the financial impact of risks, such as climate change, as well as how they select ESG performance indicators alongside standard financial performance. The European Commission launched its new Green Deal to transform Europe’s economy and shape it for a sustainable future and has included a sustainable finance action plan into this project for the implementation of a Just Transition. The main challenge now is to share this objective with citizens in clear words.
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