FI has a mandate to promote a stable financial system that contributes to sustainable development and high consumer protection. We therefore need to take steps for financial firms to manage sustainability-related risks and benefit from the opportunities. We will then contribute to sustainable development.
FI's mandate and activities in the area of sustainability are multifaceted. FI participates actively in the development of regulations and standards, advocates efficient implementation of regulations in Sweden, and promotes better disclosure from all relevant firms. One of FI's goals is also that sustainability should be a natural part of its ongoing follow-up of the firms under its supervision.
Sustainability is a broad term. We are focusing right now on the climate, where developments are introducing substantial risks to both society and the financial system and there is widespread international consensus that change is needed.
The climate transition requires large investments in infrastructure and technology. The financial sector plays an important role to push for these investments by pricing risks and opportunities. Based on these prices, then, they can channel capital away from unsustainable activities to sustainable ones. This is how they can contribute to the transition. In order to do this, financial firms need to be able to identify which activities will be impacted positively – and negatively – by a green structural transformation.
But financial firms are often middlemen. In order to be able to address these matters properly, certain prerequisites need to be in place. One of these is access to relevant information from the firms they are financing. We are therefore actively working to make the sustainability-related information of financial and non-financial corporations better, more relevant and more comparable.