The European Union‘s Sustainable Finance Action Plan – Role Model or Cautionary Tale?

Sustainability Lunchtime Seminars: Where Environmental Law Meets Economic Law

Speaker

Prof. Dirk Zetzsche, University of Luxembourg

Abstract

Based on a series of papers on sustainable finance law and regulation drafted at the ADA Chair in Financial Law (inclusive finance)  this presentation discusses the implementation of the EU’s Sustainable Finance Action Plan (SFAP). While the policy rationale is sound, Prof. Zetzsche critizes the EU’s sustainability taxonomy now spanning over several thousands of pages.  He proposes to supplement mandatory regulation with 'sandbox thinking', that is acknowledging the need to test different criteria and regulatory approaches, resulting in openness to innovation and proportionality. Further, better linking sustainable finance regulation with financial technology, facilitating Green FinTech and RegTech, may improve the current state.

The presentation is based on the following papers:

Regulating Sustainable Finance in the Dark

The EU Sustainable Finance Framework in Light of International Standards

 Sustainability Crisis Makes Bad Law! - Towards Sandbox Thinking in EU Sustainable Finance Law and Regulation

Building Blocks of a Green Fintech System – Towards an Regulatory Antidote to Greenwashing

Towards a European Social Taxonomy: A Scorecard Approach

Biography

Professor Dr Dirk Zetzsche holds the ADA Chair in Financial Law (inclusive finance) at the University of Luxembourg. With more than 400 publications to date Professor Zetzsche is an internationally regarded expert in financial regulation with special expertise in the field of collective investment schemes, FinTech, Sustainable Finance and Financial Inclusion. Professor Zetzsche has advised numerous governments, regulators, financial supervisors and international organizations on regulatory matters; he functions inter alia, as member of ESMA's consultative working group on financial innovation (ESMA FISC) and as Luxembourg's representative in Unidroit's steering committee on the private law of cryptoassets. His latest research project includes an Inclusive Green Finance Roadmap for the Alliance for Financial Inclusion, a co-authored monograph on FinTech regulation and a comprehensive Commentary of the EU's Sustainable Finance Law and Regulation, forthcoming with Cambridge University Press (2023).

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