In 2017 Aviva Investors’ Chief Responsible Investment Officer Steve Waygood was invited to become a member of the European Union High-Level Expert Group on Sustainable Finance (HLEG).
The group was comprised of experts from civil society, the finance sector, academia and observers from European and international institutions.
It was asked to provide advice to the European Commission on how to:
- steer the flow of public and private capital towards sustainable investments;
- identify the steps that financial institutions and supervisors should take to protect the stability of the financial system from risks related to the environment; and
- deploy these policies on a pan-European scale.
The HLEG published an interim report in July 2017 and delivered its final report in January 2018. Delivering the HLEG recommendations is now a shared responsibility of government, business and civil society alike.
Many key recommendations of the HLEG, including those relating to investor duties, climate-related disclosure and prudential regulation, now feature in an Action Plan on Sustainable Finance published by the European Commission in March 201817.
We are proud of the role we have played in pushing for a more sustainable EU financial system and look forward to aiding the further development and promotion of agreed solutions in the markets and regions in which we operate.