CMVM signs letter of commitment for sustainable finance
15 July
2019
The CMVM signed, together with 19 other entities, the
Letter of Commitment for Sustainable Finance in Portugal. This document aims to promote the incorporation
of environmental and sustainability criteria in the financial sector activity
with a view to achieving a carbon neutral economy by 2050.
This Letter establishes different commitments for the different entities involved,
which are mainly segmented by groups: regulators, financial institutions and
the Portuguese stock exchange, bank associations, insurers, issuers and funds,
the Ministry of Environment and Energy Transition, the Ministry of Economy and
the Ministry for Finance.
“The financial sector shall
include the adequate incentives to achieve a carbon-free economy by 2050 in its
investment policies and new financial product offerings, so that the private
sector can access the financing necessary for investment and acquisitions for a
and within a tending carbon-free society” is mentioned in the recently signed
document.
For regulators - ASF, BdP
and CMVM - the commitments are to “collaborate within their remit, analysing
the role of the financial system in identifying and managing environmental
risks, in the financing and investment in green and low-carbon projects within
a broader context of sustainable development and in line with regulation and
supervision at European level ” and “monitor and participate in future works
arising from the Sustainable Finance Reflection Group”.
The State, as mentioned in the Charter signed on 8 July,
“should play an active role in shaping and adapting the regulatory, tax and
incentive system, providing clear long-term signals, facilitating the
transition to a new economic growth model based on investment in sustainable
projects and activities.”
The signing of the Letter of Commitment took place
during the conference "Roadmap for Carbon Neutrality 2050: The Role of
Sustainable Finance".
