The non-banking financial market has an essential role in the green transition, by increasing the level of transparency, preventing greenwashing practices and directing available resources to eligible economic activities, according to the Financial Supervisory Authority (ASF).
„The European Commission has assumed, through the European Green Deal (Green Deal), a series of ambitious targets, including reducing net greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels, and achieving net neutrality of carbon dioxide emissions until 2050. The green transition entails, in addition, the creation of a modern and competitive European economy and the good positioning of the continent in a continuously changing European economic context. The non-banking financial market has an essential role in this transition, by increasing the level of transparency, preventing greenwashing practices and directing the available resources towards eligible economic activities,” the press release reads.
The representatives of the institution participated, at the end of last week, in Zagreb, in the event that marked the end of a technical assistance project intended for the national regulatory authorities of the financial markets of four countries (Romania, Croatia, Poland and Malta), in order to implement the framework of sustainable financing.
The project took place with funding from the European Union through the Technical Support Instrument (IST) program and in cooperation with the General Directorate for Structural Reform Support (DG REFORM) within the European Commission.
According to the quoted press release, the technical assistance project ensures the increase of the institutional capacity of the FSA in the field of sustainable finance supervision, through the in-depth analysis of the European legislative framework, the identification of the best existing practices at the European level, the proposal of methods of data collection and analysis and the outline of the framework on and off-site surveillance. Also, within the project, workshops were organized whose objective was to increase the level of awareness of market participants.
„Subsidiarily, the integration of the principles of sustainable financing in the current supervision activities has the role of facilitating the early identification of risks considered relevant from the point of view of sustainability and increasing the resilience of the capital market, at the same time supporting the efforts of the supervised entities regarding the implementation of their own policies of sustainability risk management, appropriate to the new requirements,” the press release also states.
The Financial Supervisory Authority is the national authority, established in 2013 by GEO 93/2012 approved by Law 113/2013, for the regulation and supervision of the insurance markets, private pensions, as well as the capital market, which totals over 10 million participants.
AGERPRES
