Sustainability should become one of the key issues in Latvia’s financial sector

12.11.2020
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Sustainability issues have to be the key themes in Latvia's financial sector already at this moment, therefore the Financial and Capital Market Commission (FCMC) has started work on introducing sustainability aspects into the supervision and development of the financial sector, as well as in the FCMC's activities. The FCMC also calls upon industry to more actively focus on the sustainability and green finance aspects.

Sustainable finances are becoming increasingly part of the financial system that facilitates sustainable economic development and essentially contributes into limiting global climate change.

“A sustainable, socially accountable and well-governed financial sector is the driving force of the European Green Deal and, as the supervisor of the financial sector, the FCMC is part of it. The way we carry out our duties and the requirements set for market participants by the FCMC will underpin overall progress towards greener and more responsible decision-making. A sustainable economy is a strategic objective for Latvia and the European Union, and in the name of this objective there will be many challenges, also for the financial sector and the FCMC,” Kristīne Černaja-Mežmale, Member of the Board of the FCMC, emphasis.

The FCMC has an essential role in promoting sustainability in the financial sector, therefore monitoring of sustainability has been set as one of the FCMC’s strategic objectives. The FCMC has undertaken work on the development of sustainability strategy and in parallel, a dialogue with the financial sector on the importance of environmental, social and governance aspects will take place. The FCMC also calls for awareness that sustainable finance is a competitive advantage for the future financial sector, and sustainability aspects should already have a noteworthy role in the strategies of financial institutions. Moreover, the financial institutions should contribute to the disclosure of information covering climate and environmental issues and their inclusion in risk management and governance.

Sustainable finances are part of a process where environmental, social and governance considerations are taken into account in decision-making, thereby increasing long-term investment in sustainable economic activities.

For further information:
Aija Brikše
Senior Public Relations Specialist
FCMC Communications and Financial Literacy Division
Phone: +371 67774807
E-mail: aija.brikse@fktk.lv

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