Sustainability Bridges

In this episode, we discuss the review of the Sustainable Finance Disclosure Regulation (SFDR) with two sustainability-focused investors. Héléna Charrier is Head of the Socially Responsible Investing Department at LBP AM and serves onthe boards of the French Sustainable Investment Forum and of Eurosif. Fabian Bauer is Senior Manager Legal – Sustainable Finance & Impact Management at GLS Investment Management.

They share investors’ perspectives and recommendations for the upcoming trilogue negotiation.

Together, we unpack the proposed three-category structure for SFDR and the objectives and criteria behind each category. We discuss the gaps that remain, such as the lack of criteria tailored to different asset classes and for financial products with social objectives. The conversation also explores the role of stewardship and engagement, and the future of product-level Principal Adverse Impact (PAI) indicators. Finally, we look ahead to the technical measures still to come and discuss how other pieces of EU financial legislation, such as the MiFID ruleson sustainability preferences, should be adjusted to reflect the SFDR review.

Music:

"Pamgaea"by Kevin MacLeod (⁠https://incompetech.com⁠)

Licensed under Creative Commons: By Attribution 3.0

⁠http://creativecommons.org/licenses/by/3.0/

In this episode, we speak with Peter Sweatman, CEO of Climate Strategy & Partners, member of Spain’s SustainableFinance Council, former rapporteur for the G20 and EU Commission on energy efficiency, as well as author of more than 25 white papers on financing the energy and climate transition, most recently on the design of the European Competitiveness Fund.

We delve into the main debates around the EU’s next Multiannual Financial Framework (MFF) for 2028–2034, focusing on the elements that matter most for scaling up private finance for the transition. This includes the role of the European Competitiveness Fund (ECF) and the InvestEU guarantee instrument.

Peter highlights why investor engagement at this stageis essential, and shares his views on the structural barriers currently holding back private investment in Europe, the state of play in the MFF negotiations, and his recommendation for an “efficiency-first” approach to the EU budget.

Music:

"Pamgaea" by Kevin MacLeod (⁠https://incompetech.com⁠)

Licensed under Creative Commons: By Attribution 3.0

⁠http://creativecommons.org/licenses/by/3.0/

In this episode, we speak with Mathilde Dufour, Head of Sustainability Research at Mirova, a French sustainability-focused asset manager, and Eric Pedersen, Head of Responsible Investments at Nordea Asset Management, a large player from the Nordic region.

We discuss the ongoing review of the Sustainable Finance Disclosure Regulation (SFDR), and the potential practical impacts of some of the policy options currently discussed between EU institutions.

The episode covers the proposed three-category structure and the criteria for each, such as  positive contribution to sustainability objectives and minimum exclusions – and whether these would be adapted for all asset classes. We also explore the move towards a reduction of product-levelPrincipal Adverse Impact (PAI) disclosures, and the impacts of removing entity-level PAIs. Finally, we look ahead at essential technical-level measures for investors to implement the new regime.

Music:

"Pamgaea" by Kevin MacLeod (⁠https://incompetech.com⁠)

Licensed under Creative Commons: By Attribution 3.0

⁠http://creativecommons.org/licenses/by/3.0/

In this episode, we speak with Elke Winter-Mes, Team Leader for Corporate Governance/Shareholder Rights at the Unitdealing with Company Law and Corporate Governance of the European Commission’s Directorate General for Justice and Consumers (DG JUST).

We delve into the Shareholder Rights Directive (SRD II) and its upcoming review to take stock of what is working well and where shortcomings remain. Our discussion focuses on how SRD II can remove the existing barriers to shareholderengagement, including on robust sustainability matters. Elke Winter-Mes shares insights on the European Commission’s current thinking and outlines the next steps for the review process.

Music:

"Pamgaea" by Kevin MacLeod (⁠https://incompetech.com⁠)

Licensed under Creative Commons: By Attribution 3.0

⁠http://creativecommons.org/licenses/by/3.0/

In this episode, we speak with Marco Zwick and Shaneera Rasqué from the Commission de Surveillance du Secteur Financier (CSSF), the financial supervisory authority in Luxembourg. Marco Zwick is the Director of the CSSF since 2018, and Shaneera Rasqué is Head of Regulatory Projects and Sustainable Finance.

We discuss sustainable finance from a supervisor’s perspective – why it matters and how supervision can support investors and other financial market participants. We explore what the latest regulatory developments in the EU, especially the review of the Sustainable Finance Disclosure Regulation (SFDR) and the Omnibus I directive, mean for transparency, and dive deeper into ESMA’s Common Supervisory Action on sustainability risks and disclosures.

Music:

"Pamgaea"by Kevin MacLeod (⁠https://incompetech.com⁠)

Licensed under Creative Commons: By Attribution 3.0

⁠http://creativecommons.org/licenses/by/3.0/

In this episode, we speak with Nathalie Dogniez, Chair ofEurosif, and Matt Christensen, Global Head of Sustainable and Impact Investing at AllianzGI.

Based on Eurosif’s report “EU Sustainable Finance: a competitive advantage for a resilient Europe,” we discuss how sustainable finance is strengthening economy in a challenging political environment. The conversation explores investor appetite, the role of EU rules such as the CSRD/ESRS, SFDR, and EU Taxonomy, and how tools like green bonds and sustainability standards are already improving transparency, risk management, and access to capital. We also highlight why regulatory stability is essential for helping businesses and investors play their role in the transition to a low-carbon economy.

Read Eurosif's report here: https://www.eurosif.org/news/eu-sustainable-finance-a-competitive-advantage-for-a-resilient-europe/

Music:

"Pamgaea" by Kevin MacLeod (https://incompetech.com)

Licensed under Creative Commons: By Attribution 3.0

http://creativecommons.org/licenses/by/3.0/

In this episode, Eurosif Chair Nathalie Dogniez is joined byHélène Bussières, Head of the Asset Management Unit at the European Commission’s DG FISMA, to unpack the European Commission’s long-awaited proposal to review the Sustainable Finance Disclosure Regulation (SFDR).

The discussion explores why the SFDR is being overhauled,the key changes proposed by the Commission, and what they mean in practice for investors. From the introduction of new categories of sustainability-related products and the future of the “sustainable investment” concept, to changes in disclosures on adverse impacts (PAIs) and Taxonomy alignment, entity-level reporting and scope, this episode provides a clear overview of one of the most consequential files in EU sustainable finance.

The conversation also looks ahead to how the new frameworkwill interact with national labels and other EU rules, and what investors can expect in terms of legislative next steps and implementation timelines.

Music:

"Pamgaea" by Kevin MacLeod (https://incompetech.com)
Licensed under Creative Commons: By Attribution 3.0
http://creativecommons.org/licenses/by/3.0/

In this episode, we speak with Dr. Riyong Kim, Head of Sustainability at the European Environment Agency (EEA).

Drawing on the EEA’s flagship report “Europe’s Environment2025”, our conversation explores the current state of Europe’s environment, from serious challenges to areas of real progress, and what these findings mean for the continent’s sustainability trajectory and economy.

We focus of the episode is Europe’s persistent biodiversity investment gap. Despite over €50 billion being allocated annually, funding remains insufficient, with an estimated €21 billion still needed each year to meet the EU’s 2030 biodiversity objectives. We examine investment obstacles and discuss how we can close the gap through public and private financing, including better data availability, improved value metrics, and stronger policy coherence.

Music:

"Pamgaea" by Kevin MacLeod (⁠https://incompetech.com⁠)

Licensed under Creative Commons: By Attribution 3.0⁠http://creativecommons.org/licenses/by/3.0/⁠

In this episode of Sustainability Bridges, we were joined by special guests Eric Pedersen, Head of Responsible Investments at Nordea Asset Management, and Elise Cachin, Head of Tech Policy and Regulatory Affairs at Nokia.

During the discussion, Elise and Eric exchanged viewson the EU’s sustainable finance framework,the Omnibus initiative, and why competitiveness and sustainability are two sides of the same coin.

Key insights from their discussion include:

• Simplification should not come between the needs of investors and companies for reliable and comparable data.
• Lowering both the scope for and the amount of reporting requirements risks reducing transparency. For the companies out of scope, this could exclude them from sustainable investment.
• Climate Transition Plans are vital: they create accountability, open new business opportunities, and help align supply chains towards net zero.
• The first wave of CSRD reporting has beenresource-intensive but has driven internalimprovements in sustainability management.

Music:

"Pamgaea" by Kevin MacLeod (⁠⁠https://incompetech.com⁠⁠)

Licensed under Creative Commons: By Attribution 3.0⁠⁠http://creativecommons.org/licenses/by/3.0/⁠⁠

In this episode of Sustainability Bridges, we are joined by special guest Professor Thorsten Sellhorn, Director of the Institute for Accounting, Auditing and Analysis at the Munich School of Management, part of the Ludwig-Maximilian-University of Munich.

During the episode, Professor Sellhorn walks us through the findings of his insightful research that analyses the firstsustainability reports that large companies published in line with the Corporate Sustainability Reporting Directive (CSRD). He also details the information and data points available through the Sustainability Reporting Navigator, an AI-driven platform that allows anyone to search through the sustainability reports of over 500 large European companies, of which he is a co-founder.

Professor Sellhorn also gives his expert opinion on the future of the EU Sustainable Finance regulatory framework and theEuropean Commission’s Omnibus simplification proposals, explaining the impact these proposals will have on the corporate reporting landscape and beyond, and how we can simplify without losing substance. 

Music:

"Pamgaea" by Kevin MacLeod (⁠⁠https://incompetech.com⁠⁠)

Licensed under Creative Commons: By Attribution 3.0⁠⁠http://creativecommons.org/licenses/by/3.0/⁠⁠