Metrics and Standards
Within this area of action, the Cluster supports the ongoing harmonisation of existing framework specifications, labels, key figures, etc. in the field of green and sustainable finance.
Existing approaches are to be evaluated, adapted and further developed as regards their suitability for the specific needs of the German financial, insurance and real economy. In particular, this requires reliable data and its integration into established business processes. A central pillar of this area of action is the establishment of a core business-related risk analysis of financial institutions based on the recommendations of the Financial Stability Board’s “Task Force on Climate-related Financial Disclosure” (TSFD).
There is also a focus on supporting the development of a materiality-based reporting concept and measurement methods in all three dimensions of sustainability: environmental, social and governmental. Against this backdrop, the GSFCG is also represented in the relevant European Commission’s expert group – and is thus actively involved in the current taxonomy process on green and sustainable behaviour in the financial sector.
The overall aim of the think tank is to form tangible and application-oriented recommendations for financial market players from the climate related financial disclosure task force (TCFD).
„In order to stop climate change – the effects of which have long since been noticeable – enormous investments are needed. This is why we are embracing the idea of private capital also being invested according to the principles of sustainability. The Cluster aims at further promoting this movement.”
Hessischer Wirtschaftsminister, Tarek Al-Wazir