Sustainable Finance and the European Green Deal
Sustainable finance is a strategic area in the implementation of the objectives of the European Green Deal, which aims to redirect capital flows towards so-called green investments through the EU taxonomic classification system. BSP actively participates in these activities by participating in public debates, conferences and workshops with the European Commission (EC), as well as in the Sustainable Finance Platform (PSF), of which it is a member. BSP is the only business representative from Central and Eastern Europe in the PSF and has a unique opportunity to give opinions on EU taxonomy regulations at a very early stage.
EU Taxonomy — Delegated Acts
The EU taxonomy is a classification system that aims to determine what economic activities can be considered environmentally sustainable. In 2020, the European Parliament and the Council supported the creation of a green taxonomy, and in April 2021 the EC published the first delegated act with technical criteria for sectors such as construction, power generation, transport, industry, and data processing. BSP, as a member of the PSF, actively participates in the work on these criteria, submitting comments and requests concerning, among others, biogas and hydrogen production.
Green Bonds
Green bonds are part of sustainable finance policies, where the proceeds go to finance green projects. The EC is developing a draft on a voluntary EU green bond standard linked to taxonomy. As a member of the PSF, BSP works to activate Polish economic entities to co-create EU legislation in this area, organizing debates and conferences, as well as participating in public consultations on green bonds.
Renewed Sustainable Finance Strategy
The renewed Sustainable Finance Strategy is the first update of the EU's sustainable finance strategy following the announcement of the European Green Deal. The BSP participated in public consultations on this strategy, noting the use of synergies between existing legislation and taxonomy and a phased approach to the implementation of new initiatives.
Sustainable Corporate Governance
Corporate sustainability refers to the governance principles that are increasingly taken into account by investors in the sustainable finance market. The European Commission plans to change the responsibilities of board members to take into account the interests of a wide range of stakeholders, including society and the environment. The BSP drew attention to the risks of making such changes in its position submitted to the EC.
Importance of Taxonomy for BSP Members and Partners
The EU taxonomy is key to determining which economic activities are environmentally sustainable and support the EU's climate neutrality by 2050. The BSP, as the sole representative of Central and Eastern Europe in the PSF, participates in the legislative process, helping to develop technical criteria for the recognition of economic activities as sustainable and giving opinions on legislative projects at the earliest stage.
Summary
BSP plays a key role in the process of sustainable financing in the EU, actively participating in the creation and opinion of regulations, organizing debates and consultations, as well as supporting Polish economic entities in adapting to new regulations. CSF actions contribute to shaping the EU's sustainable finance system by supporting climate transition and a climate-neutral economy.