EU to choose 50 sustainable finance experts to form new advisory group

Commission launches call for applications

The European Commission has begun recruitment for its long-awaited Platform on Sustainable Finance – a team of experts from the private and public sectors that will advise it on the future development of its taxonomy and broader sustainable finance agenda.

The Platform has been in the pipeline since last year, but because its existence had hinged on the creation of an EU Taxonomy, the Commission was unable to issue a call for applications until the Taxonomy Regulation was signed off by European Parliament last week.

The Platform will replace the Technical Expert Group on Sustainable Finance, which has advised the Commission on its Action Plan on Financing Sustainable Growth; specifically on the green taxonomy, disclosures regulations, low-carbon indices, heightened ESG disclosure in benchmarks, and a potential EU Green Bond Standard.

The new group will continue to guide the taxonomy – both in terms of the environmental technical screening criteria, and on how it could expand to cover “other sustainability objectives, including social objectives and activities that significantly harm the environment” – but it will have other responsibilities too. In a statement, the Commission said the members would also have to “monitor and report on capital flows towards sustainable investments” and “advise the Commission on sustainable finance policy more broadly”.

There will be up to 57 members to the Platform on Sustainable Finance, 50 of which will be selected via the current recruitment drive. The remaining seven will come from the following European institutions:

1.       The European Environment Agency

2.       The European Investment Bank

3.       The European Investment Fund

4.       The European Agency for Fundamental Rights

5.       The European Securities and Markets Authority

6.       The European Banking Authority

7.       The European Insurance and Occupational Pensions Authority

The external members will include “individuals appointed in personal capacity with the relevant proven knowledge and experience, individuals representing a common interest shared by stakeholders, organisations representing relevant private stakeholders, organisations representing civil society and organisations representing academia and research institutes”.

Applications are open until July 16th.