Discussions regarding the creation of an international platform on sustainable finance—which was announced by the European Commission on 21 March last (see EUROPE 12219/7)—are starting to become more concrete. On Wednesday, 5 June, Member States’ EU ambassadors (Coreper) are expected to give the green light to open negotiations before formal approval by European Finance Ministers on 14 June.
By a note dated 6 May, the Commission informed the EU Council of its intention to initiate, on behalf of the EU, discussions regarding the creation of this platform with the following founding members: Argentina, Canada, Chile, China, India, Japan, Kenya, Mexico, Morocco, and South Africa.
The platform would be open to other non-Member States and would also include observers selected from among international organisations, international financial institutions, and networks working on sustainable finance.
A note from the Secretariat-General of the Council dated 28 May — of which EUROPE has received a copy — explains that the platform members should commit themselves to exchanging their ‘green’ investment practices, comparing their different initiatives, and identifying trade barriers as well as standardising their approaches as needed.
In terms of governance, the platform could have a steering board composed of senior representatives from its members and one observer member on a rotating basis, a secretariat initially provided by the EU and hosted by the Commission, and a working group composed of experts.
The note states that the Commission is expected to return to the EU Council at the end of the negotiations to obtain the EU Council’s approval by a joint declaration establishing the platform. (Original version in French by Marion Fontana)