The aim of the Climate Agreement is to reduce greenhouse gas emissions by 49% in a cost-effective manner compared to 1990. The financial sector commits itself to the goals of reducing CO2 emissions. To this end, it will draw up action plans and report annually on the climate impact of financing and investments.
Roelie van Wijk, chair of DUFAS, comments on the commitment of the financial sector to the Climate Agreement: "The Dutch financial sector has taken a unique step worldwide. We have worked together throughout the entire Dutch financial chain to help achieve the climate objectives. We have worked on this commitment for over a year and it is fantastic that we have reached a joint agreement. It is now the task of the financial sector to implement the arrangements and to show progress in a transparent manner. "
The commitment describes how asset managers contribute to the achievement of climate goals. Asset managers manage the assets of asset owners such as private individuals, pension funds, insurers and other institutions. To a large extent, the asset owners determine how their money is invested. The contribution of asset managers consists of:
With signing, DUFAS indicates that as an umbrella organization for asset managers it supports the commitment, coordinates the deployment of its supporters where necessary, and plays an active role in an annual review of the progress of the implementation of the commitment arrangements.
As part of the commitment, DUFAS, the Dutch Association of Insurers, the NVB and the Pension Federation are organizing conferences. The first conferences have already taken place. At the beginning of this year, the first working conference was organized by the Dutch Banking Association with the theme of raising awareness of climate risks. Last month, the Dutch Association of Insurers welcomed over 150 visitors for the second edition. During this session the emphasis was on working together to be able to measure the impact of financing and investments. The third session is scheduled for early next year.
DUFAS is also actively engaged at a European level to contribute to adequate regulations for sustainable financing. DUFAS is, in collaboration with EFAMA, the European organization for asset managers, closely involved in the implementation of the ‘action plan on sustainable finance’ of the European Commission. The action plan offers a framework for sustainable investing and financing. An important part of the framework will consist of a taxonomy, a uniform classification system that indicates when an economic activity contributes to the set climate goals. In addition, it also contains new rules for the provision of information about sustainable investments. Finally, the European Commission is also working on the development of a European eco-label for sustainable investment products for the retail market.