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European Insurance and Occupational Pensions Authority

Sustainable finance

What are EIOPA’s main areas of activity?

Through its work on sustainable finance, EIOPA aims to ensure that (re)insurers and occupational pension funds integrate sustainability risks in their risk management to protect consumers and secure financial stability. In doing so, EIOPA aims to ensure that insurers and pension funds can continue to offer relevant and affordable risk management solutions against natural catastrophes or old age poverty.

EIOPA’s activities on sustainable finance reflect the need for global action to enable decisive progress on the transition to a more sustainable economy. Sustainable finance is a strategic priority area in EIOPA’s work programme 2023-2025, and the Commission’s Strategy for financing the transition to a sustainable economy encapsulates work by EIOPA in delivering on the Green Deal.

In line with EIOPA’s founding regulation and sectoral regulation on insurance and occupation pensions,  EIOPA’s 7 key areas of activity on sustainable finance for 2022-2024 are the following:

  1. Integrate ESG risks in the prudential framework of insurers and pension funds
  2. Consolidate the macro/microprudential risk assessment of ESG risks
  3. Promote sustainability disclosures and a sustainable conduct of business framework
  4. Support supervision of ESG risks and supervisory convergence in the EU
  5. Address protection gaps
  6. Promote the use of open source modelling and data in relation to climate change risks
  7. Contribute to international convergence for the assessment and management of sustainability risks
31 JANUARY 2023
EIOPA's sustainable finance activities 2022-2024.pdf
(1011.08 KB - PDF)

Tackling greenwashing

The increase in consumers’ demand for investments with sustainability-related features was followed by an increase in offerings with sustainability-related features, giving rise to the risk of greenwashing. EIOPA, in its 2022 Consumer Trends Report, had already warned about a possible increase of greenwashing related risks, and highlighted the need to monitor and mitigate it.

EIOPA as well as the other European Supervisory Authorities (ESAs) have received a request for input from the European Commission on greenwashing risks in relation to sustainability claims and the supervision of sustainable finance policies. The request addresses three main areas: understanding and better monitoring greenwashing and related financial risks; taking stock of the implementation and supervision of sustainable finance policies aimed at preventing/addressing greenwashing; and assessing the supervisory and enforcement response. 

How to stay informed about our work?

EIOPA organizes regular Roundtables on Sustainable Finance to discuss past and upcoming work and the vital role that insurance and pensions play in strengthening society’s resilience to sustainability risks.

Our roundtables gather participants from Stakeholder Groups, the European Commission, representatives of the insurance and pensions, asset management and rating industries, and representatives of consumers associations and civil society.

Roundtables are public events and registrations are open to everyone.

Check our events calendar

Cooperation on sustainable finance

Climate change does not stop at borders. As a member of the Network for Greening the Financial System (NGFS), the Sustainable Insurance Forum (SIF) and the International Association of Insurance Supervisors (IAIS), EIOPA cooperates with European and international supervisory and standard-setting bodies to establish convergent supervisory practices for  sustainability risks in the financial services sector.

EIOPA’s deliverables on sustainable finance

Find out more about our work in this area. Here below search for news, reports, consultations, as well as speeches, interviews and events in the area of sustainable finance.

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Sustainable finance (131)

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  • General publications

Interview with Petra Hielkema conducted by Manuel Chicote for Grupo Aseguranza

High inflation and rising interest rates are posing challenges to European insurers. However, overall the sector is in good financial shape and I believe that it will be able to weather the storm of the current macroeconomic environment.

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Protection gapDigitalisationConsumer protection
  • General publications

Methodological principles of insurance stress testing - cyber component

The European Insurance and Occupational Pensions Authority (EIOPA) published today its fourth paper in a series of papers on methodological principles of insurance stress testing. The paper focuses on the cyber risk component, and it is a further step in enhancing EIOPA’s bottom-up insurance stress

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MethodologyOther documents
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Cyber RisksRisk assessment
  • General publications

ESAs Final Report on ESG disclosure for STS securitisations

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) today jointly submitted to the European Commission Draft Regulatory Technical Standards (RTS) on the ESG impact disclosure for Simple, Transparent and Standardised (STS) securitisations under the Securitisation Regulation...

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