Regulators around the world responsible for the financial services industry are taking extensive action to raise banks’ awareness of climate change risks, urge them to formulate appropriate strategies and modify their business models to support the green transformation of the economy. In 2021, regulatory change has gained momentum, increasing both the number of regulations and the complexity of requirements to be fulfilled by organisations. The first requirements under the SFDR (Sustainable Finance Disclosure Regulation) have come into force, three packages of delegated acts to the EU Taxonomy have been published, active work on the revision of the Corporate Sustainability Reporting Directive and the European Green Bond Standard is underway. In June, the G7 countries in an official communiqué supported further adaptation of reporting standards based on the TCFD (Task Force for Climate-related Disclosures) framework.

The challenges of the European Green Deal are immense and the private sector will play a key role in financing the transition. The transition towards low or zero-carbon economies will involve significant investment, and banks will play a key role in this. During the panel we will talk about the role of the financial sector, the challenges, the existing systemic solutions and best practices both from the Polish and global markets.