Mandate:   Adopted by the Committee on Financial Markets by written procedure [COM/DAF/CMF/AS(2024)3/REV2]

I.Objectives

1.The overarching objectives of the Working Party on Sustainable Finance (WPSF) is to assist the Committee on Financial Markets (CMF) in promoting fair, efficient, open and sound financial markets over the long-term by supporting the alignment of financial market activity with material sustainability considerations. It also seeks to support the role financial markets have in responding to sustainability challenges facing our economies, in particular the transition to net-zero carbon economic activities.

II. Working methods

2. To achieve these objectives, the WPSF shall:

• Serve as a forum for a policy dialogue for policy and market authorities working on sustainable finance, with a view to increasing collaboration and knowledge-sharing;

• Study developments in sustainable finance markets and practices, including comparisons across jurisdictions;

• Collect, analyse and disseminate data on the financial sector’s reporting, disclosure of sustainability considerations and implementation of sustainability practices; 

• Produce policy analysis with the aim of identifying policy options and good practices;

• Support the development, implementation and dissemination of OECD standards in the area of sustainability in finance as they relate to financial materiality and the long-term resilience of the financial sector.

III. Co-ordination arrangements

3. To achieve these objectives, the WPSF shall:

• Maintain close working relationships with other OECD bodies, in particular the Environment Policy Committee and its Working Party on Finance and Investment for Environmental Goals, the Investment Committee and its Working Party on Responsible Business Conduct, and the Corporate Governance Committee;

• Co-operate with other international organisations and fora in the field of sustainable finance, with a view to co-ordinate work and avoid duplication with them, and to contribute to their work as relevant, in particular with those working on relevant sustainability standards, the Network for Greening the Financial System, the G7, the G20 and Asia-Pacific Economic Cooperation;

• Consult and engage with the major stakeholders in the sustainable finance field, in particular market participants, financial services providers and non-governmental organisations.

IV. Composition

The WPSF will be made up of representatives leading sustainability policy development and implementation from financial market authorities, including banking and securities regulators, and relevant ministries with policy responsibility for sustainability practices in the financial sector such as ministries of finance.