The policy paper emphasizes the challenges and opportunities ahead of the 2024 European Parliament elections, with FEBEA highlighting the need for a reformed financial system that serves the greater societal good rather than favoring a privileged few. FEBEA’s advocacy focuses on integrating ethical and sustainable finance principles into EU policies, addressing critical issues such as climate change, biodiversity loss, and social inequality. The document underscores the importance of diverse banking models and rejects a “one-size-fits-all” regulatory framework, instead advocating for tailored approaches that prioritize inclusivity and resilience in financial practices.

The paper proposes specific actions for each pillar of the ESG framework: transparent and accountable climate finance to combat greenwashing, mechanisms to address wealth and gender inequality in financial services, and measures to ensure transparency and reduce the use of tax havens. FEBEA stresses that ethical finance has consistently supported social economy sectors while outperforming traditional finance in achieving environmental, social, and economic objectives. The call to action is for European regulators to acknowledge and foster the growth of ethical finance as a cornerstone for a sustainable and equitable European future.