Global Trustee and Fiduciary Services News and Views Issue 50

Global Trustee and Fiduciary Services News & Views | Issue 50 | 2018 17 and monitor adoption of its voluntary recommendations to companies for effective disclosure of climate-related financial risks. The TCFD published its monitoring report on 26 September 2018. 26 But now we have a lever to realise global ambitions and switch the system to sustainability Up until this point, there has been no single prescribed “regulatory lever” to achieve global ambitions and create a mandate in the financial system to drive sustainability. But this is changing at a European Member State level, as can be seen from the diagram below. 8 March 2018: European Commission’s Action Plan for a greener and cleaner economy The European Commission’s commitment to sustainable investment under the CMU Action Plan follows the findings of the High-level Expert Group (HLEG) on Sustainable Finance and provides a strategy for a financial system that supports the EU’s climate and sustainable development agenda. 27 Key features of the CMU Sustainability Action Plan Back in 2017, the Commission first appointed an HLEG on sustainable finance to elaborate a comprehensive set of recommendations for the financial sector to support the transition to the low-carbon economy. It published an interim report, subsequently followed by a final report. 28 Inspired by the HLEG’s final report, in 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. These include three high-level objectives and 10 actions overall, which are summarised in the placemats (overleaf). 22 December 2016 HLEG on Sustainable Finance (HLEG) 24 May 2018 Legislative Proposals Supporting the below May 2019 Agreement by European Parliament and Council 13 July 2017 HLEG Interim Report 8 March 2018 CMU Sustainability Action Plan 2019-2022 Adoption of Delegated Acts 12 December 2017 One Planet Summit 31 January 2018 HLEG Final Report