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EU banks and insurers lag in green compliance, PwC study finds
According to Environmental Finance, a new PwC study reveals a significant gap between financial institutions’ activities and the EU’s sustainability goals. The research assessed how banks, insurers, and non-financial companies measure against the EU’s taxonomy for sustainable activities using metrics like the Green Asset Ratio.
The findings are concerning. On average, only 2% of bank activities align with the EU taxonomy, whether measured by turnover or capital expenditure. This figure fluctuates across European countries but remains generally low.
Insurers face similar challenges. Only 2% of underwriting activities meet the taxonomy criteria. Investing activities need to be more aligned, with minimal exposure to sustainable financial undertakings and a slightly higher, but still low, 4-5% alignment with non-financial companies based on turnover and capital expenditure.
While the study identified some variation, with utilities and energy/resources companies showing higher alignment, the overall picture is clear: most sectors are behind in integrating sustainability into their operations.
The research analyzed data from 530 non-financial and 97 financial companies across 12 EU countries
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