LuxFLAG, the Luxembourg fund labelling agency, has announced its inaugural Sustainable Investment Week, which takes place 22-24 October, and which will feature some 15 standalone events at various locations around the Grand Duchy.
The event series, which is being also labelled by its hashtag #LSIW19, will cover climate finance, ESG, impact investing and sustainable development goals.
These areas reflect the existing labelling scheme, which includes labels for ESG, Microfinance, Climate Finance, Environment and Green Bond.
The Agency recently appointed a new general manager and chairwoman, with a stated commitment to leverage the European Commission's delivery of a taxonomy for sustainable investments and other regulatory developments, to boost the engagement in developing standards. (https://www.investmenteurope.net/news/4002759/luxflag-appoints-denise-voss-chairwoman). It also noted a 30% rise in the number of labels awarded through 2018.
The European Commission's stated action plan on sustainable finance includes:
- establishing a clear and detailed EU classification system - or taxonomy - for sustainable activities. This will create a common language for all actors in the financial system
- establishing EU labels for green financial products. This will help investors to easily identify products that comply with green or low-carbon criteria
- introducing measures to clarify asset managers' and institutional investors' duties regarding sustainability
- strengthening the transparency of companies on their environmental, social and governance (ESG) policies. The Commission will evaluate the current reporting requirements for issuers to make sure they provide the right information to investors
- introducing a 'green supporting factor' in the EU prudential rules for banks and insurance companies. This means incorporating climate risks into banks' risk management policies and supporting financial institutions that contribute to fund sustainable projects
Further details on the #LSIW19 are expected to be published shortly, although a list of "Participating Hosts" for the event series includes ABBL, Arendt, BGL BNP Paribas, Candriam, Degroof Petercam, Deloitte, Farad Group, Fidelity, ING, Linklaters, Luxembourg Institute of Science and Technology, Luxembourg Private Equity & Venture Capital Association, Luxembourg Stock Exchange, PWC, State Street and Union Investment, with "Partners" listed as Forethix, Nordea and SDL.