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ISO proposal for the creation of a new technical committee “Sustainable Finance”

ISO proposal for the creation of a new technical committee “Sustainable Finance”

 

ISO proposal for the creation of a new technical committee “Sustainable Finance”

 

The national standards body of United Kingdom (BSI) submits to ISO a proposal for the creation of a new Technical Committee „Sustainable Finance”.

 

Scope –Standardization in the field of Sustainable Finance.

 

As a priority a „Framework for Sustainable Finance Management Guide will be developed to consolidate concepts relating to sustainable finance, agree common terminology (e.g. definitions and taxonomy), and provide practical guidance on principles and practices that constitute sustainable finance management. It will provide examples of good practice, as well as implementation guidance on the different approaches financial organizations can take to improve and demonstrate their activities and organizational models are in line with Environmental, Social and Governance criteria and the Sustainable Development Goals (SDGs). The standard will bring related concepts and activities (e.g. responsible investment management, stewardship and environmental finance) under the wider, more holistic umbrella of sustainable finance. Importantly, it will draw upon аlready existing and ongoing standardization effort (such as environmental management, governance, social responsibility, financial services, climate finance work), and will serve as the basis of future international sustainable finance standardization at the process (i.e. fund manager) and product (e.g. fund) level.

 

The wider the programme will also address:

 

  • Integration of Sustainability considerations and ESG principles into financial decision-making and broader financial services and products;
  • Green finance;
  • Sustainable investment at the sector level/sustainable finance applications;

 

There are no international standards of sustainable finance or significant aspects of sustainable finance (such as sustainable finance management or responsible investment).

 

This portfolio of standards would be designed to meet the needs of different stakeholders in the financial supply chain including institutional investors, fund managers and asset owners, financial consultants, pension fund trustees, consumers, etc.

 

The objectives of the proposed programme is to coordinate and enhance ongoing international effort by the global finance industry, national governments, regional and international financial institutions to align the global financial sector with sustainable development goals

 

In 2016 the European Commission appointed a High-Level Expert Group on sustainable finance to elaborate a comprehensive set of recommendations for the financial sector. Inspired by this final report in early March 2018 the Commission proposed an EU strategy on sustainable finance setting out a roadmap for further work and upcoming actions covering all relevant actors in the financial system, and responding to a number of pressing challenges.

In case of national interest, BDS can approve the creation of ISO/TC on “Sustainable Finance”. If the establishment of ISO/TC is accepted by the national standards bodies – members of ISO, Bulgaria can obtain P- or O-membership in the work of the newly established committee.

 

The national stakeholders can provide their position on the proposal for this new field of ISO technical activity by 23.07.2018 to Desislava Gulenova, e-mail: desislava.gulenova@bds-bg.org, tel: +359 2 81 74 581.

 

 

For more information here

13 Jun 2018