Sustainable finance The financial sector takes a leap forward in its climate action as it begins to calculate climate risks and use the results to steer investments towards more sustainable targets.The provision of finance to investments that take into account environmental, social and governance considerations is promoted in the EU with several legislative proposals as the Commission’s sustainable finance action plan is being implemented. FFI contributes on the projects and endorses their ideas of promoting sustainability and clarifying the definition of green products. The objective is to agree on which financial and investment products are environmentally sustainable and by which criteria they can be labelled sustainable. The projects also aim to define disclosure requirements for investment products and advice as well as benchmarks that are used to compare low-carbon investment products.In Finland, FFI and its member organisations have created a reporting framework that companies can use to monitor their own climate work while also making it more transparent. The framework is based on a set of indicators that track the progress of mitigation measures over the years.FFI’s Deputy Managing Director Esko Kivisaari was part of the EU Commission’s high-level expert group that explored how all the different businesses of the financial sector could direct the flow of investments into projects and products that help mitigate climate change. Kivisaari is currently acting in the steering group of EFRAG’s European Lab ‒ a think tank that develops corporate reporting in Europe. Currently the think tank is focused on climate-related reporting and sustainable finance.