The Financial Services committee provided feedback to the European Commission with an Asian perspective on what the impacts of proposed rules and taxonomy governing sustainable finance would have on European financial institutions operating in Singapore and the region.
As attitudes shift and the demand for sustainable finance increases, the European Commission had convened a high level working group to conduct a study on the hardwiring of sustainability into EU policies to implement sustainable and innovative initiatives. This involved reviewing EU rules and financial policies to facilitate green and sustainable investments, and influencing the investment culture of market participants. This include providing more incentives and tapping on the European Fund for Strategic Investments to have at least 40% of it contributing toward COP21 targets.
The committee had conducted a roundtable to gather the feedback of European banks and insurers on this topic, to highlight to the European Commission the impacts of the extraterritorial nature of EU legislation on the competitiveness of the market. As the recommendations as set forth by the commission sought to put forward standards and classifications for sustainable assets with a European label, the EuroCham Financial Services committee was keen to contribute to the dialogue and highlight the different context in which the markets operate in Asia, which had the potential of producing different outcomes for European firms operating in Asia as well as the impacts on local markets.
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