The Technical Expert Group's work will be instrumental in achieving the goals and ambitions set out in a broader EU Action Plan on Financing Sustainable Growth and boosting the role of finance in sustaining a stable and competitive economy that delivers on environmental and social goals.
Claudia BOLLI, Swiss Re's Head of Responsible Investing, was chosen in a challenging selection process as one of 35 experts from a pool of 185 eligible candidates from civil society, academia, and the business and finance sectors. Candidates were nominated on the basis of personal expertise, their relevant contributions to sustainable finance, as well as the prominence of their affiliation in this area. Claudia BOLLI will assist the European Commission specifically on the development of low carbon benchmarks.
The Technical Expert Group will support the European Commission in developing an EU classification system - the so-called taxonomy - to determine whether an economic activity is environmentally sustainable. It will also support the European Commission in the creation of an EU Green Bond Standard, improving the disclosure of climate-related information, and helping to develop a category of low carbon indices.
"We look forward to contributing to this crucial dialogue the EU Commission is spearheading," says Guido FUERER, Swiss Re's Group Chief Investment Officer. "Including sustainable considerations in the investment process makes economic sense. There are still various hurdles on the way towards broadly accepted definitions, methodologies, and standards to fully integrate environmental, social, and governance criteria (ESG). Close collaboration between the private and public sectors helps overcome such obstacles, and the EU Action Plan on Financing Sustainable Growth is a great step in that direction," he added.
Swiss Re has been a leading advocate of responsible investing over the last years, also published a report on the topic and was the first re/insurer to switch to benchmarks that systematically integrate ESG criteria into the investment process. Today, Swiss Re applies ESG criteria to close to 100% of its investment portfolio.
"We are very pleased to be able to support this important project with Swiss Re's in-depth knowledge, expertise, and experience in sustainable finance," said Jean-Jacques HENCHOZ, Swiss Re's Regional President for EMEA. "As a leading global reinsurer, we are acutely aware of the significance of sustainable solutions, in finance and elsewhere, in order to safeguard and strengthen our economies and societies now and for future generations."
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