Stockholm (NordSIP) – As surveys go, the annual European Sustainable Finance Survey (EuroSFS) is rather well-regarded. Launched by the German Federal Ministry for the Environment in 2020, the survey focuses on a key component of the EU Action Plan on Financing Sustainable Growth, the EU Taxonomy. The topic is undoubtedly hot, with all eyes currently on Brussels and the upcoming parliamentary vote on the European Commission’s proposal to include certain nuclear and gas energy activities in the list of environmentally sustainable economic activities covered by the taxonomy.
The third edition of the EuroSFS is well underway, and this time around, it seems especially pertinent to NordSIP’s audience. Whereas the first two surveys explored European non-financial companies’ and commercial banks’ (2020) and public financial institutions’ (2021) perspectives on the taxonomy, this year, EuroSFS addresses asset owners and asset managers specifically. The focus is on institutions with taxonomy-related disclosure duties, either because they provide SFDR Article 8 or 9 financial products or because they fall under the Non-Financial Reporting Directive (NFRD).
To learn more about the latest effort to assess financial actors’ take on taxonomy and understand why it is important for Nordic firms to respond and get involved, NordSIP reached out to Christian Metzler, a consultant at adelphi, the firm commissioned to conduct the survey.
“The EuroSFS aim to contribute to the effective application of the taxonomy by collecting, analysing and communicating market participants’ views of the framework and ideas for overcoming apparent hurdles,” explains Metzler. “Previous EuroSFSs have provided deep insights into companies’ and banks’ thoughts and approaches to using the taxonomy. The 2020 survey report was among the very first studies to present comprehensive evidence on the current state of alignment of European companies to the taxonomy,” he adds proudly.
According to Metzler, the results of the surveys help inform the ongoing discussions on the taxonomy both in Germany and at the EU level and maximise the relevance and usability of the legislation for key stakeholders.
“In preliminary work, we have found that many financial actors have started to dedicate serious amounts of resources to ensure compliance with the new regulation,” he says. “However, it is a really diverse group of stakeholders with widely varying ambitions, capabilities and opinions. We hope to give voice to as many asset owners and managers as possible, representing a cross-section of the industry when it comes to size, country, etc.”
With the official deadline for completing the survey, 24 June, quickly approaching, Metzler and his colleagues are eager to encourage more firms to take the time and participate, even by answering only a few selected questions or calling adelphi to answer the survey via the phone. After the survey, the consultants also plan to conduct a series of interviews with participants interested in sharing more of their thoughts and opinions, according to Metzler.
“We strongly encourage Nordic investors to share their thoughts, ideas, concerns, and questions on the EU taxonomy by participating in the survey and make their voices heard on controversies such as nuclear and gas, for instance. This way, they can ensure that their key pain points are known so that the EU Commission, advisors, consulting firms, and academia can develop the right tools and support mechanisms to help them along,” concludes Metzler.
Here is the link to the survey. Go ahead and make your voice heard.