France and Sweden collaborate on green finance to boost transition to the low-carbon economy

French and Swedish finance ministers will strengthen their collaboration on green and sustainable finance to help lead the transition to a low-carbon and climate-resilient global economy.

The French Minister for Economy and Finance, Bruno Le Maire, and Swedish Minister for Financial Markets and Consumer Affairs, Per Bolund will announce their collaboration during the Climate Finance Day- a conference hosted by the French Government in Paris, where the Ministers will use a common closing speech  to engage with global stakeholders to scale-up climate financing.

The collaboration will be part of the French-Swedish strategic partnership for innovation, digital transformation and green solutions, which was signed by French President Emmanuel Macron and the Swedish Prime Minister Stefan Löfven in November.

The partnership has identified four main action areas. The first area is green transport, clean energy, and smart systems, followed by green financing for climate resilient economies, digital transformation, and health and life sciences innovation.

France has already set up strong carbon disclosure requirements for corporate and financial institutions, which are included in the national law for the energy transition and green growth. France was also the first country to issue a sovereign green bond- an impressive $7 billion issuance  earlier this year.

From its side, Sweden implemented such requirements for non-financial firms in 2016. Disclosure requirements for investment funds will enter into force by the beginning of 2018.

Both countries support the implementation of the Task Force on Climate-related Financial Disclosures (TCFD) - a body aimed at developing a set of voluntary climate financial disclosures, chaired by Michael Bloomberg.

Mr. Bruni Le Maire said: "Fair, transparent and consistent reporting on climate-related risks and opportunities is key to collectively delivering on the Paris Agreement, to improving the effectiveness of companies communication on climate change integration in their strategy and implications for their business”

Per Bolund commented: "I am glad that both Sweden and France are committed to implementing the recommendations from the Task Force on Climate-related Financial Disclosures (TCFD), thus leading the way towards a greener and more sustainable financial system”.

He added: “This will not only contribute to realizing the commitments in the Paris Agreement but also increase financial stability, which is key for a prosperous society”.

You can read the full roadmap of cooperation between the two countries here.