Open Letter to the EU Commission for credible Sustainable Finance Rules

EU-Comissioner McGuinness, Vice-President of the EU-Commission Dombrovskis

German version / Background information

- Personal letter from actors in the field of Sustainable Finance -

Dear Commissioner McGuinness,

Dear Vice-President Dombrovskis,

We are writing to you today as providers, investors and other professional stakeholders in the Sustainable Finance sector. In these weeks, the European Commission, in close consultation with the Member States, will decide on the precise rules (“delegated acts”) for implementing the taxonomy of sustainable finance.

We welcome the EU Commission's aim to develop the European Union into a leading market for sustainable finance. The Sustainable Finance Strategy will support the EU in becoming the first greenhouse gas neutral continent. At the same time, it will provide an impetus for ecological innovation in our economies and support the sustainable transformation of value chains. In order to leverage this great potential for our businesses, clear rules are essential as to what counts as Sustainable Finance and can be marketed as such and what cannot.  

Here, the classification system ("taxonomy") is crucial for the future of our Sustainable Finance sector. If investments are labelled as sustainable when in fact they are not, this will jeopardise the credibility of this growing market and will have a negative impact on the attractiveness of the EU as a green business and finance hub.

We are therefore very concerned that EU member states are pushing to deviate from the science-based recommendations of the Technical Expert Group on Sustainable Finance (TEG) on key issues. Under no circumstances should conventional gas-fired power plants or related infrastructure be counted as a greenhouse gas mitigation measure or an adaptation measure. It would therefore be wrong to raise the threshold values of 100 g CO2/kWh and 262 g CO2/kWh against the recommendations made by the expert group.

Weakening the thresholds in one area also risks setting a precedent for all other critical areas of the taxonomy. Thus, investments in nuclear energy and in unsustainable forms of forestry should not be considered "sustainable" either.  

The taxonomy is the backbone of the European Union's efforts to build and expand sustainable and thus future-proof financial structures. It is completely unsuitable for symbolic politics between national interests. There is a misunderstanding that needs to be cleared up:

Sustainable Finance stands for transparency and transformation, it is not about prohibiting certain investments. Sustainable Finance alone will not prevent any country from investing in understandably highly controversial projects such as the construction of new gas-fired or nuclear power plants and their infrastructure, or in destructive forest management. But if such investments are labelled as sustainable, the credibility and growth capacity of Europe as a forerunner in sustainable finance is gone. Important initiatives such as the EU Green Bonds Standard and the EU consumer label for sustainable finance will then no longer be in demand in keymarkets and will thus not be able to establish themselves.

Therefore, we appeal to you, Commissioner McGuinness and Vice-President Dombrovskis, not to give in to the pressure of individual states and their respective special interests. It is for you alone, as the Commission, to decide which standards you will propose from mid-April. The lowest common denominator among the Member States would be the worst possible future for Sustainable Finance.

Together with many others, we want to help the European Green Deal achieve a breakthrough. This requires success stories like the fast-growing Sustainable Finance sector. Strengthen our sector with clear rules that strengthen our credibility - instead of jeopardising it.

Yours sincerely

Sven Giegold, MEP

Kristina Jeromin

Bas Eickhout, MEP

More signatories will be added regularly. We sign this declaration as individuals with a professional role in sustainable finance. The selected signatures below do not bind the respective organisation or company.

Jakob Ache

Referent Finanzen, EU-Vertretung Bremen

Mange Ram Adhana

Association For Promotion Sustainable Development

Joscha Albert

GIZ

Frederico Alcantara de Melo

Lawyer

Mirjam Alo

Leiterin Nachhaltige Organisationsentwicklung, Zentrum für Nachhaltige Unternehmensführung

Sibyl Anwander

Nachhatigkeitsberatung

Christoph Arnold

Vorstand eG: FEGH.de

Michael Bald

MB Agentur für Finanzdienstleistungen

Roland Barfus

Aufsichtsrat BENG eG

Verena Bax

Referentin EU-Energiepolitik und Klimaschutz

Eliane Beaufils

Universität Paris 8

Katharina Beck

Senior Manager, Sustainable Finance Advisor, Accenture

Hildegard Bedarff

Dozentin Universität Hamburg

Claudia Behringer

Die Expertin für Finanzen mit Herz

Victor Bemmann

Leiter Portfolio Management, Universal Investment

Kerstin Berndt

ABzurVorsorge GmbH & Co. KG

Rupert Bernklau

Geschäftsführender Gesellschafter

Urata Biqkaj

Manager Sustainability Services, PwC GmbH WPG

Christiane Bludau

Vermögensberaterin

Judith Bogner

Finanzjournalistin

Hannes Böhm

Forscher zu Klimawandel und Finanzmärkten

Norbert Böhm

Selbständiger im Vertrieb von Umwelttechnik

Marco Bonato

Unternehmensberatung Deutschland

Anton Bonnländer

Republic sustainable Finance Consulting

Meike Borchers

Director, Evora Global Germany GmbH

Ulrich Brasche

Professot Volkswirtschaftslehre

Gunnar Braun

Private Investor, Public Utility Expert

Marcus Brenken

Vorstand ökofinanz-21 e.V.

Dr. Michael Brestowsky

1. Vorsitzender der "Gesellschaft für ökologischen Landbau"

Robin Bruck

Wirtschaftsförderung

Wilfried Brunck

Fachberater für nachhaltiges Investieren

Steffen Brunner

Referent für nachhaltige Finanzierung, BMU

Richard Buch

Fair Finance Guide, Facing Finance

Andreas Buder

selbst.Tischler

Carsten Busch

Quality Specialist / Lead Auditor

Gunther Capelle-Blancard

Professor, University Paris 1 Panthéon-Sorbonne

Philipp Censkowsky

Consultant Perspectives Climate Group

Hugues Chenet

Honorary Senior Research Fellow, University College London

Young-jin Choi

Impact Investing Advisory @ Phineo gAG

Linda Claas

Prozessmanagerin, Bank für Sozialwirtschaft

Patrick Claerhout

Manager bij Ethisch Beleggen

Anna Colucci

Transformation manager global sustainability - Fresenius Medical Care

Philipp Coser

Process manager, Südtiroler Volksbank AG

Miriam Dahlke

MdL Hessen

Daniel Dahm

United Sustainability Group

Saba Dar

Water Expert, WWF-Germany

Christian Dauer

Supply Chain Manager

Nathan de Arriba-Sellier

Researcher in EU Sustainable Finance Law, Erasmus University Rotterdam & Leiden University

Hein Denneboom

HD-Consult

Mathias Deppert

Privatanleger von nachhaltigen ETF

Christoph Deutschmann

Universität Tübingen

Ricarda Dill

Selbstständige Unternehmerin

Arne Dilling

Aktuar im Risikomanagement

Hans-Peter Dohr

Anlageberatung und -vermittlung für inst. Investoren - Veranstalter des Sustainable Investor Summits

Nicole Dr Rudner

Consultant

Philip Dr. Bacher

Senior Director, Geschäftsleitung, AlixPartners GmbH

Ruth Dr. Joachimi

Managerin, d-fine GmbH

Andreas Dr. Kiefer

Selbstständiger Unternehmensberater

Bernd-Peter Dr. Lange

Professor für Sozioökonomie

Wolfgang Dr. Rühle

Senior-Expert TMG Technologie Management Gruppe

Johann Drexler

Wirtschaftsbüro Drexler e.K.

Gabriele Dumeier

Vorstand Karibu Weltladen Kassel eG

Markus Duscha

Fair Finance Institute, Heidelberg, Germany

Armin Eberhardt

Finanzberater, LKM-GmbH, Mitglied ökofinanz-21 e.V.

Roland Eckert

Prof.

Shirin Engel

Consultant Sustainable Finance, PwC

Wolfgang Etrich

Vorstand Volksbank Delmenhorst Schierbrok eG

Eleonora Evi

Member of the European Parliament

Christian Faust

Unternehmensberater

Oliver Fischer

Arete Ethik Invest AG

Daniela Fischer

divest ulm, Initiative für nachhaltige Geldanlagen

Doerte Fouquet

Lawyer, Partner of Counsel, BBH law firm

Francesca Fraulo

Partner, SustainAdvisory

Nina Freudenberg

Impact Director, Golding Capital Partners

Melanie Frohmader

Senior Financial Manager, Siemens Energy

Eva M. Fuchs

Senior Manager & Prokuristin, DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH

Hans-Georg Funke

Vorstandsmitglied VB Anröchte eG

Philippe Youssef Garduño Diaz

Manager, Sustainable Finance

Jörg Geier

Mitglied, Club of Rome

Irene Gorski-Scarbart

Vorsitzende Haus & Grund Naumburg u. U. e. V.

Sara Göttlicher

Buchhalterin

Bernhard Graeber

Managing Director, EB Sustainable Investment Management

Thomas Grimm

grimm Vermögensberatung - Gemeinwohlfinanzen

Josef Grünbichler

CEO Toolmaker Advanced Efficiency GmbH

Helmut Grundner

Vorstandsvorsitzender Sparkasse BGL

Maria Gubisch

EhtFaiN

Jörg Haas

Head of Division International Politics

Nikolaus Hagedorn

Acting Head of Evidence for Impact @ 2° Investing Initiative

Wilfried Halboth

Berater, Fiducia & GAD IT AG

Jürgen Halfkath

Akteur*innen im Sustainable Finance

Karoline Hallmeyer

PwC, Managerin, Sustainability Services

Frank Hansen

Privatier, Personal Asset Management

MartinmbH Harder

Founder/Chairman Praesta GmbH

Michael Heckel

Asset Management

Florian Heilbronner

Prokurist Handolfo Gmbh- Green Investments and Cultural Herritage

Lennard Heine

Dualer Student Finanzberatung

Sandra Heintz

DZ Privatbank, Data Analyst

Dieter Herrmann

Finance Manager

Prof. Dr. Werner Hillebrand

Hochschullehrer

Jutta Hinrichs

Head of Ethics & Sustainability, Pax-Bank

Rainer Hinrichs-Rahlwes

Vorstandsmitglied Bundesverband Erneuerbare Energie

Max Höing

Commerzbank

E. Holstiege

Investmentberater

Peter Horenburg

CritSit-Manager, Vonovia SE

Axel Horn

Inhaber Ing.-Büro solar energie information

Andreas Höß

€uro Magazin

Kevin Hottinger

Engineer, WR Grace

Hans-Florian Hoyer

Pensionierter GLS-Banker

Alexander Huber

Steuerberater - plietsch-steuerberatung.de

Horst Huber

Versicherungsmakler

Anja Hübner

Dipl.-Kffr., Dozentin für Controlling u. Finanzkennzahlen

jean-jacques Itasse

Grüner Gockel Evang. Kirche

Julia Jaspers

Mitgründerin, PeerSchool for Sustainable Development

Werner Jesusek

Bankkaufmann

Thomas Jorberg

Vorstandssprecher GLS Bank eG

Ulrike Jordan

apl. Professorin, Institut für Thermische Energietechnik, Universität Kassel

Saskia Juretzek

Senior Sustainability Manager

Aki Kachi

Policy Analyst, NewClimate Insittute gGmbH

Cornelia Kammerlander

Finanzberaterin selbständig

Dirk Kannacher

Vorstand GLS Bank

Paul Karbowski

Kreditanalyst Sparkasse UnnaKamen

Walter Kern

Inhaber, kern-finanzplanung

Karl Kerschgens

Kommanditist KWA

Ulf Kilian

BioIngTeam

Claudia Kister

Risk Management, Deutsche Bank

Michael Klanck

Berater, beraTeam Unternehmensberatung

Eva Kleifgen

Wissenschaftlerin am IAB Nürnberg

Adolf Kloke-Lesch

SDSN Germany; Executive Director

Martin Klose

Vertriebsleiter fairzinsung.com

Kolja Klose

Geschäftsführer , Wertea GmbH & Co KG

Stefan Klotz

Unternehmer: Grüne Welt GmbH, Asset Impact GmbH, vif-klotz consulting

Kurt Klusch

Nachhaltigkeitsberater

Johannes Kluth

Geschäftsführer, Bürgerwindpark, Lehrer

Herbert Kluth

Geschäftsführer

Ansgar Knoch

Hapag-Lloyd Cruises

Martin Koch

Berater, Qualitates GmbH

Hilko Koch

senior consultant

Olaf Koester

Nachhaltige Finanzberatung

Peter Koll

Unternehmensberatung

Jan-Willem König

Impact Investor @ Polestar Capital

Harald König

Wirtschaftsprüfer

Christian Kopf

Chief Investment Officer Fixed Income (signed in personal capacity)

Jan Köpper

Leitung Stabsstelle Wirkungstransparenz & Nachhaltigkeit

Helena Kraemer

Fachberaterin für nachhaltiges Investment

Mirko Kraft

Professur für Versicherungsbetriebslehre, Hochschule Coburg

Gregor Krämer

Professor für Banken, Finanzen und Rechnungslegung, Alanus Hochschule

Silvie Kreibiehl

Vorstandsvorsitzende Germanwatch e.V.

Erwin Dr. Kreim

Investor, Consultant

Jochen Krimphoff

Senior specialist, sustainable finance, former member of the EC-mandated Technical Expert Group on Sustainable Finance (TEG)

Matthias Kroll

Chief Economist, World Future Council

Michael Kühnauer

Vermögensverwalter Geschäftsführer

Antje Kunstmann

Verlegerin

Jakob Kunzlmann

Project Manager, Bertelsmann Stiftung

Kęstutis Kupšys

Member, The European Economic and Social Committee

Thomas Ladwig

Aktionär in 2 etablierten Sustainability Fonds

Rainer Lang

Bankvorstand

Berthold Lange

Vorstand

Claas Langner

Senior Manager Sustainability, KfW DEG

Anja Lansberg

Förderbank

Dieter Lehmkuhl

KLUG e.V., Deutsche Allianz Klimawandel und Gesundheit, AG Divestment

Marcel Leistenschneider

Sustainable Finance, Sustainalytics

André Leonhardt

Erzgebirgssparkasse, Bereichsleiter Vorstandsstab

Annegret Lewak

Entrepreneur LEWAK greenprojects GmbH

Jan-Martin Lichte

selbständiger Unternehmensberater

Ulrich Liebl

Unternehmensberatung

Hans-Georg Lindic

Qualitätsmanagement, OBI

Dirk Linke

Project Lead ESG Risiken, DZ BANK

Luiza Linton

Consultant Sustainable Finance, PWC

Karsten Löffler

Head Frankfurt School UNEP Collaborating Centre for Climate & Sustainable Energy Finance

Arnold Löffler

MM-Office Freiburg GmbH

Ulrike Lohr

Wissenschaftliche Mitarbeiterin nachhaltige Geldanlagen. SÜDWIND-Institut

Kirill Lorenz

Interact Lab

Santiago Lorenzo

Head of Sustainable Finance - CAN International

Elisabeth Löwenbourg-Brzezinski

PE/VC Investment Managerin

Elisabeth Löwenbourg-Brzezinski

Finanz- und Wirtschaftsexpertin und Bundestagskandidatin für Bündnis90/Die Grünen

Walther Lückemann

Geschäftsführer paibosoft GmbH

Olaf Luckow

stv. Compliance-Beauftragter Berliner Volksbank eG

Peter Lüders-Bahlmann

Ökologische Finanzberatung Nord

Thomas Mack

Consultance

Christine Majowski

Beraterin Sustainable Finance, GIZ

Dr. Marcel Malmendier

Vorstand ökofinanz-21 e.V., Geschäftsführer Qualitates GmbH, Geschäftsführer Investmentkontor RheinRuhr GmbH

Andreas Mankel

Erneuerbare Energien Projektentwickler

Thomas Marschall

Gesellschafter Asset Impact GmbH

Brick Medak

E3G

Laura Mervelskemper

Leitung Stabsstelle Wirkungstransparenz & Nachhaltigkeit

Sigrid Metz-Goeckel

Stiftung Aufmüpfige Frauen

Christian Metzler

Analyst, Finance Programme, adelphi

Thomas Meyer

Vorstandsmitglied, EthikBank eG

Jo Miosga

Mitarbeiter Finanzinstitut

Thomas Mog

Green Sustainable Finance Cluster Germany

Sarah Mühlenbäumer

Bäckerei Kreis e.K.

Thomas Müller

Inhaber

Andrew Murphy

Murphy&Spitz Nachhaltige Vermögensverwaltung, Vorstand

Anna Ndichia

DEG

Georg Nicklas

Man.Dir.

Ville Niinistö

MEP

Dr. Andreas Nilsson

Managing Director/Head of Impact, Golding Capital Partners

Georg Nitsche

Solarstrom Nitsche-Lenhardt GbR

Aleksandra Novikova

Energy Efficiency and Climate Finance, Institute for Climate Protection, Energy and Mobility

Angelika Oberländer

private Anlegerin in Sustainable-Aktienfonds

Tatiana Ockenden

Compliance

Tatiana Ockenden

Compliance

Janosch Ondraczek

Ökonomom bei einer europäischen Entwicklungsbank

Christina Opitz

Vorständin GLS Bank eG

Ferdinand Ort

Germanzero

Aysel Osmanoglu

Vorständin GLS Bank eG

Milena Ostrower

Policy Advisor Sustainable Finance, Germanwatch

Johannes Palm

Business Development, Enabling Qapital AG

Ari Pankiewicz

Head Sustainability Services, d-fine GmbH

Dr. Stefan Parhofer

Chief Investment Officer, Smartenergy Invest AG

felix reinhard Paulesich

Wirtschaftsuniversität Wien

Lisa Paus

MdB

Piernicola PEDICINI

MEP

Roland Pérez

Université Montpellier - MRM

Ralf Petit

Ralf Petit Nachhaltige Anlageberatung

Bernd Pfitzner

CSF-Advisor

Tommy Piemonte

Leiter Nachhaltigkeitsresearch

Fritz Pieper

Inhaber SinnGewinn Finanzplanung

Daniel Pöhle

Bereichsleiter, DB Netz AG

Swen Poloczek

Landesförderbank

Volker Potthoff

Managing Partner ADDWIS, CEO aktion luftsprung foundation

Walter Privitera

Professor Università di Milano-Bicocca

Georg Prüfer-Schönfelder

Mitglied "Finanzwende"

Erhard Radatz

Senior Portfolio Manager in an international Asset Management Company

Tobias Raffel

Geschäftsführer Werte-Stiftung

Dr. Richard Ralfs

CEO Ralfs & Ralfs GbR

Bernhard Rathgeber

Vorstand ökofinanz-21 e.V.

Daniel Regensburger

Geschäftsführer Pangaea Life

Daniel Reichert-Facilides

Rechtsanwalt, Attorney-at-law (New York)

Jörg Reinbrecht

Ver.di Vereinte Dienstleistungsgewerkschaft Leiter Finanzdienstleistungen Niedersachsen-Bremen

Otto Reiners

Stellv. Abteilungsleitung Rechnungsprüfung

Johannes, Dr. Reintjes

Sparkassenverband Bayern, i. R.

Reimund Rieger

QC-Quality Control GmbH

Bruno Ristok

C&S Computer und Software GmbH

Winfried Roggenbuck

Berater

Uwe Rohse

Geschäftsführer, Rohse Vermögensmanagement GmbH

Dr. Markus Rösler

Landtagsabgeordneter

Andreas Roth

Nachhaltige Finanzberatung

Leonie Routil

Climate Finance Consultant

Kilian Rüfer

Initiative für nachhaltiges Investieren

Nina Ruffani

GZD/Analystin Verbauchsteuern

Werner Rützenhoff

Vorsitzender regen.ev

David Ryfisch

Teamleiter Internationale Klimapolitik, Germanwatch

Riccardo Sallustio

LUISS Guido Carli University

Saskia Sanchez Buitrago

Inhaberin The Travelling Mind

Wolfgang Sauer

Beauftragter Nachhaltigkeit der Sparkasse Bad Neustadt a. d. Saale

Ludwig Sauer

Consultant

oliver schad

Risk Manager

Paul-Heinrich Schade

Einzelperson

Michael Scheidgen

Finanzportfolioverwaltung § 32 KWG

Ingo Scheulen

Ökologische Finanzdienstleistungen e.K.

Michael Schier

Sustainable Finance, Manager Bank für Sozialwirtschaft AG

Nadja Schiller

Inhaberin Finanzideen Berlin GmbH

Martin Schindehütte

Bischof iR, Internationale Beziehungen der Evangelische Kirche in Deutschland, Entwicklungszusammenarbeit

Boris Schinke

Sachverständiger KfW

Wolfgang J. Schmelz

Rentner/Pensionär,ehemals Mitglied des AR der Commerzbank AG, Gesamtbetriebsrat, Vors. Wirtschaftsausschuß der CB, BR-Vors. der CB-Zentrale in Ffm, Tarif,- und Verhandlungskommission der Gewerkschaft HBV und später Verdi und vieles mehr

Jan-Lukas Schmitt

Finanzredakteur

Sandra Schneeloch

Finanzpolitische Sprecherin Fraktion B90/DIE GRÜNEN im Rat der Stadt Köln

Ralph Schneider

Wissenschaftlicher Mitarbeiter am Lehrstuhl für Banken, Finanzen und Rechnungslegung, Alanus Hochschule

Hildegard Schönherr-Nichols

Diplom-Volkswirtin, Kleinanlegerin

Otto Schrägle

Vorstandsmitglied der Katholischen-Arbeitnehmer-Bewegung,

Helmut Schulte

Betreiber von regionalen Energienetzen

Alison Schultz

Universität Mannheim

Bernhard Schulz

Sonnenwende statt Klimawandel GmbH & Co. KG

Bernhard Schulz

CERES -CERtification of Environmental Standards GmbH

Bernhard Schulz

Sonnenwende statt Klimawandel GmbH & Co. KG

Thomas Schupp

Caremo Versicherungsmakler

Steffen Schürkens

FWS Freiburg Rieselfeld

Georg Schürmann

Geschäftsleiter, Triodos Bank N.V. Deutschland

Nina Schwab

DWS

Peter Schwab

VR Bank Starnberg

Magdalena Senn

Referentin Sustainable Finance, Finanzwende

niklas sieber

indipendant Transport Economist

Daniela Simpson

Sustainability Consultant

Grahm SolarZentrum

Grahm GmbH

Anne-Monika Spallek

Gestüt Gerleve

Philipp Spitz

Murphy&Spitz Green Energy AG

Felix Steinberg

GIZ

Ernst-Christoph Stolper

Staatssekretär a.D. im Wirtschaftsministerium Rheinland-Pfalz

Lorenz Stör

Head of Climate Analytics, ISS ESG

Rainer Stracke

Consulting Wood Technology

Nadine Strauß

Marie Curie Fellow

Silke Stremlau

Vorstand Hannoversche Kassen

Thomas Streuer-de Haan

Finanzplanung Streuer - Strategieberater einer Nachhaltigen Vermögensverwaltung

Martin Ströter

Hütte Ströter

Niko Stumpfögger

stv. Aufsichtsratsvorsitzender (Arbeitnehmerseite<) Fresenius SE & Co. KGaA bis April 2020

Alexander Sucquet

Compliance Officer, Münchner Bank eG

Ute Sudmann

Senior Manager Sustainability DEG/KfW

Marc Szuppa

KYC Business Governance, Deutsche Bank AG

Irmgard Teske

Professorin RWU

Michael Troege

Professor of Finance

Petra Tute

Nachhaltigkeitsmanagement der Sparkasse Hannover

Jörg Unger

Dipl-Betriebswrt

Mechthild Upgang

Dr. Upgang AG

Janina Urban

Netzwerk Plurale Ökonomik

Ernest Urtasun

MEP

Jens van 't Klooster

Postdoctoral researcher, KU Leuven

Wout Van Caimere

EP

Daan Van Kassel

Investment Manager - Polestar Capital

Rens van Tilburg

Director Sustainable Finance Lab

Jürgen Vogel

Unternehmer

Gesa Vögele

CRIC e.V.

Harro Von Lieres

Von Lieres und Wilkau PIC

Wolf Wagner

Inhaber Elefanten Apotheke Moers

Stephan Wahl

Mitarbeiter Großbank, besorgter Familienvater

isidor wallimann

Soziale Ökonomie Basel

Joachim Wardenga

Joachim Wardenga Bankberatung, Inhaber

Roland Weber

Privat Investor; POPs Env. Consulting

Claudia Wecken

Leiterin nachhaltige Altersvorsorge VCD Service GmbH

Regina Weihrauch

Versicherungsmaklerin

Mario Weiss

Managing Director, ICF Institutional Capital Forum

Christian Werner

Professor

Manfred Westermayer

NFA Naturfaser AG, Vorstand

Petra Weth

Betriebswirtin

Walter Wicke

WSO Dortmund GbR

Andreas Wietholz

framtid Finanz- und Versicherungsmakler GmbH

Birgit Wilkens

Finanzwende

Elvira Wolff

Privatanleger nachhaltige ETFs

Joscha Wullweber

Professor for Politics, Transformation and Sustainability an der Universität Witten/Herdecke

Helge Wulsdorf

Nachhaltige Geldanlagen

Jörg Zimmermann

stv. Teamleiter Marktservice OSV

Marvin Zornig

Anue Education Solutions GmbH, Geschäftsführer

Yvonne Zwick

Vorsitzende, B.A.U.M. e.V.

Michael Zybarth

Consultant, Scrum Master

Sponsored by

To: EU-Comissioner McGuinness, Vice-President of the EU-Commission Dombrovskis
From: [Your Name]

Dear Commissioner McGuinness,

Dear Vice-President Dombrovskis,

We are writing to you today as providers, investors and other professional stakeholders in the Sustainable Finance sector. In these weeks, the European Commission, in close consultation with the Member States, will decide on the precise rules (“delegated acts”) for implementing the taxonomy of sustainable finance.

We welcome the EU Commission's aim to develop the European Union into a leading market for sustainable finance. The Sustainable Finance Strategy will support the EU in becoming the first greenhouse gas neutral continent. At the same time, it will provide an impetus for ecological innovation in our economies and support the sustainable transformation of value chains. In order to leverage this great potential for our businesses, clear rules are essential as to what counts as Sustainable Finance and can be marketed as such and what cannot.

Here, the classification system ("taxonomy") is crucial for the future of our Sustainable Finance sector. If investments are labelled as sustainable when in fact they are not, this will jeopardise the credibility of this growing market and will have a negative impact on the attractiveness of the EU as a green business and finance hub.

We are therefore very concerned that EU member states are pushing to deviate from the science-based recommendations of the Technical Expert Group on Sustainable Finance (TEG) on key issues. Under no circumstances should conventional gas-fired power plants or related infrastructure be counted as a greenhouse gas mitigation measure or an adaptation measure. It would therefore be wrong to raise the threshold values of 100 g CO2/kWh and 262 g CO2/kWh against the recommendations made by the expert group.

Weakening the thresholds in one area also risks setting a precedent for all other critical areas of the taxonomy. Thus, investments in nuclear energy and in unsustainable forms of forestry should not be considered "sustainable" either.

The taxonomy is the backbone of the European Union's efforts to build and expand sustainable and thus future-proof financial structures. It is completely unsuitable for symbolic politics between national interests. There is a misunderstanding that needs to be cleared up:

Sustainable Finance stands for transparency and transformation, it is not about prohibiting certain investments. Sustainable Finance alone will not prevent any country from investing in understandably highly controversial projects such as the construction of new gas-fired or nuclear power plants and their infrastructure, or in destructive forest management. But if such investments are labelled as sustainable, the credibility and growth capacity of Europe as a forerunner in sustainable finance is gone. Important initiatives such as the EU Green Bonds Standard and the EU consumer label for sustainable finance will then no longer be in demand in keymarkets and will thus not be able to establish themselves.

Therefore, we appeal to you, Commissioner McGuinness and Vice-President Dombrovskis, not to give in to the pressure of individual states and their respective special interests. It is for you alone, as the Commission, to decide which standards you will propose from mid-April. The lowest common denominator among the Member States would be the worst possible future for Sustainable Finance.

Together with many others, we want to help the European Green Deal achieve a breakthrough. This requires success stories like the fast-growing Sustainable Finance sector. Strengthen our sector with clear rules that strengthen our credibility - instead of jeopardising it.

Yours sincerely

Sven Giegold, MEP
Kristina Jeromin
​Bas Eickhout, MEP

More signatories will be added regularly. We sign this declaration as individuals with a professional role in sustainable finance. The selected signatures below do not bind the respective organisation or company.

- see above -