Towards an ambitions EU Ecolabel for Retail Financial Services

The Commission is currently developing the EU Ecolabel for Retail Financial Products within the framework of the Sustainable Finance Action Plan. The Joint Research Centre (JRC) has presented an update and discussion document for the EU Ecolabelling Board meeting on 23-24 June 2020.

We appreciate that the Discussion Paper is moving in the right direction to deliver an Ecolabel that finds the right balance between meeting consumer expectations and creating sufficient opportunities for financial product issuers. We do however remain concerned that some design choices put forward in the latest JRC Paper would lead to misleading consumers and reputational damage to the Ecolabel beyond financial products. This briefing lists our key concerns and feedback to the JRC’s five key discussion questions, as a follow-up to the more detailed input in our briefing from March 2020.