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SEB expert included in EU group for sustainable finance

SEB´s head of sustainability, Marie Baumgarts, has been included in The European Commission´s Technical Expert Group on Sustainable Finance. This was announced on June 13. The group will assist the Commission in developing an EU classification system – the so-called taxonomy – to determine whether an economic activity is environmentally sustainable. The work will lay the foundation for the contribution of the European financial industry to sustainable development "

"We are very proud and humble about the fact that SEB now will have the opportunity to contribute to global sustainable development. Setting common standards is crucial in order to reach the 2-degree target set at the Paris Climate Summit in 2015, as well as achieving the UN's Sustainable Development Goals", says Marie Baumgarts.

The expert group, for which 185 individuals from businesses and organisations applied, comprises 35 members from civil society, academia, and the business and finance sector. The group will also support the Commission in creating a EU Green Bond Standard, in improving the disclosure of climate-related information and in helping develop a category of low carbon indices. These indices are to be used by asset and portfolio managers as a benchmark for low- carbon investment strategies.

“Today's launch of the Technical Expert Group is another step in our ambitious timetable to lay the foundations for a more sustainable financial system,” says Valdis Dombrovskis, Vice-President responsible for Financial Stability, Financial Services and Capital Markets Union.