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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 (113)

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  • General publications

Joint Committee Report on risks and vulnerabilities in the EU financial system - Autumn 2022

The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) issued today their Autumn 2022 joint risk report. The report highlights that the deteriorating economic outlook, high inflation and rising energy prices have increased vulnerabilities across the financial sectors. The ESAs...

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Risk assessment
  • General publications

Addressing the protection gap: challenges and opportunities for (re)insurers

The new EU strategy on adaptation to climate changehighlights the fact that affordability and insurability of natural catastrophes insurance coverage is likely to become an increasing concern. Research shows that in the past only a quarter of the total losses caused by extreme weather and climate...

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  • General publications

Fine-tuning needed to ensure investors contribute to the European Green Deal

There is no question that urgent action is required to address climate change and that environmental protection should be integrated into economic growth strategies. In the financial sector, insurance and pension funds have the longest investment time horizons and hence the greatest stake in...

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  • General publications

Application guidance on climate change materiality assessments and climate change scenarios in ORSA

This application guidance is a follow-up from EIOPA’s Opinion on the supervision of the use of climate change risk scenarios in ORSA (“Opinion”) published in April 2021 (EIOPA-BoS-21-127 - EIOPA, 2021a). The Opinion was addressed to the national competent authorities on the basis of Article 29(1)...

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Other documents
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  • General publications

Discussion paper on physical climate change risks

Building on its ambitious agenda for sustainable finance, and in particular on the sensitivity analysis of asset-side transition risks published in 2020, EIOPA launched a follow-up exercise on physical risks in the second half of 2021. This discussion paper presents the first results of this...

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Discussion paperReport
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