Reform of the financial system towards a sustainable economy has been detailed in an EU report, whose recommendations—which draw upon corporate governance reform—impact upon fiduciary duties in varying degrees.
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Potential avenues for reform of the financial system towards a low-carbon, resource-efficient and sustainable economy have been mapped out in an interim report, published by the EU High-Level Expert Group on Sustainable Finance.
Established last year by the European Commission, the Group is composed of 20 senior experts from civil society, the finance sector and academia. It is expected to deliver concrete policy recommendations to the European Commission by the end of this year in a final report.
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Climate change has placed a premium on moving to sustainable business models and a low-carbon economy. The task will need “positivity of purpose“ and “informed assessment“ of climate risks, writes Tom Delay of the Carbon Trust.
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