The European Insurance and Occupational Pensions Authority (EIOPA) has highlighted the need for ensuring high-quality and user-friendly sustainability data as part of its response to the EC's consultation on a renewed sustainable finance strategy.
"This will support better disclosures, a robust and proportionate regulatory framework to promote efficient risk management and a long-term perspective in financial decision-making," it said.
"Finally, it is important that investors and consumers can buy and use sustainable financial products in a safe and transparent way."
The aim of the EC's strategy is to increase private investment in sustainable projects and activities to support the different actions set out in the European Green Deal and to manage and integrate climate and environmental risks into the financial system.
EIOPA strongly supports the work that is being undertaken by the European Commission to promote a sustainable financial environment. In particular, EIOPA is of the view that the insurance and pensions sector can play an important role as stewards for environmental and social sustainability on account of their long-term interests and business models. As part of its sustainable finance action plan, EIOPA will continue contributing to work of the EC on the various initiatives, including the climate protection gap and measures to address resilience gaps.