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This research has mapped out intensive lobbying on European sustainable finance policy, led by industry groups representing the finance and corporate (real economy) sectors. Whilst a small number of financial institutions have pushed for ambitious policy, the majority have remained silent or stated only high-level support. Meanwhile, all but one of the 20 powerful industry associations analyzed have lobbied to dilute and delay key regulations designed to align Europe's financial system with the goals of the Paris Agreement.
The lobbying comes at a critical moment with the European Commission currently deciding a Renewed Sustainable Finance Strategy, considering both the European Green Deal and the need to recover from the impact of COVID-19. Having consulted on possible next steps over the summer, a proposal is expected from the Department for Financial Stability and Capital Markets (DG FISMA) in the fourth quarter of 2020. This will build on the current EU's Action Plan on Sustainable Finance, originally launched in 2018, to deliver on a High-Level Expert Group on Sustainable Finance (HLEG) recommendation for “no less than a transformation of the entire financial system”.
InfluenceMap's research covers 75 financial companies belonging to 63 of the largest financial institutions in Europe, 12 finance sector industry associations and 8 corporate industry associations. The methodology drew on InfluenceMap's established methodology for assessing corporate influence on key policy areas, scoring over 2000 evidence pieces across the 83 entities involved to derive metrics indicative of policy engagement behavior towards sustainable finance policy. InfluenceMap consulted extensively with these industry groups and individual financial institutions on the methodology and their scores prior to release.
BNP Paribas, Aviva and Groupe BPCE stand out as being actively engaged in promoting progressive sustainable finance policy. However, there is also a small group of individual financial institutions including BlackRock, BNY Mellon, Invesco and UBS that appear to be resistant towards stringent regulation.
