The future of sustainable finance: how you can contribute to European and international standards

Sustainable finance ("sustainable finance") is a hot topic these days. It is an essential means of achieving the UN Sustainable Development Goals and the European Green Deal, but there are still many steps to take. Standards are being set at the international level to define what sustainable finance means. In addition to EU legislation, European standards development is increasingly taking shape. You too can contribute to this - at the Belgian level.

Sustainable Development Goals

To make our world a better place to live, the United Nations adopted a major plan of action in 2015. The goal? A balance between ecological, social and economic needs. These three pillars were further concretized in 17 "Sustainable Development Goals," or SDGs, which are meant to ensure a better world by 2030. 'Sustainability' or sustainability is thus more than biodiversity, climate action, renewable energy sources, sustainable ecosystems and fisheries. It is equally about gender equality, quality education, better medical equipment and techniques, resilient infrastructure and fostering innovation.  

According to a study by UNCTAD , the cost of achieving these goals could reach €7 trillion annually by 2030. However, these financially ambitious goals are supported by a financial world more willing than ever to invest in sustainability.

International and European standards

ISO (International Organization for Standardization) engages in the creation, management and improvement of international standards, including around finance. Since 2018, ISO/TC 322, ISO's technical committee, has been bringing together experts in sustainable finance from around the world. They already developed the international standard ISO 322210:2022, which serves as a guideline for applying sustainability principles for organizations in the financial sector. Meanwhile, several new standards are under development.  

In 2023, CEN (European Committee for Standardization) also established a committee, CEN/TC 475 "Finance," which will also develop standards around sustainable finance in the future. These European standards could play an important role in underpinning existing legislation. The EU already launched a comprehensive set of regulations, including the EU Taxonomy, a classification system for sustainable economic activities. Standards thereby provide the technical solutions to meet these requirements. Experts from all over Europe are now considering the further course of this new committee, but you too can contribute.

Also at the Belgian level

Is sustainable finance your expertise and are you based in Belgium? Then you can also participate in our Belgian standards committee NBN/I322 You can then closely follow the developments of ISO and CEN. As a member of our committee, you can vote and comment during the development process of a standard. Everyone participating in our committee can also directly participate in the international and European working groups. This allows you to build a Belgian and international network with experts in your sector.  

We are looking for experts in various aspects of the financial sector for our committee, whether large companies or SMEs, banks, investment firms, researchers or governments. Knowledge of standards is not necessary.  

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