The Belgian ‘Towards Sustainability’ label for sustainable and socially responsible financial products is the most comprehensive in terms of product offers, with 410 investment, insurance and savings products, Febelfin, the Belgian financial sector federation, announce.
In total, more than 175 billion are managed in accordance with the ‘Towards Sustainability’ quality standard, out of which more than 50 billion euros come from Belgian individual savers and investors.
The label also scores well in terms of quality. It “provides investors with readability in this plethora of sustainable funds. We can already see that it has contributed to the advancement of the market towards more sustainability. In addition, the label is evolutionary: though it is already demandingin itself, it will be further refined in the future, especially after a multi-stakeholder advisory panel is consulted during the second half of this year,” Olivier Marquet, President of the certification agency CLA said.
In addition, the label goes beyond the Belgian borders: 25% of the financial products stamped “Towards Sustainability” are proposed by mainly Belgians producers, the others coming from other EU countries’ players.
At the products level, 60% of approved products are specifically intended for the Belgian market, while the remaining 40% have a rather European or international destiny.
The standard of quality “Towards Sustainability” is evaluated every two years. The current version was first released in February 2019. The next revisions will be published in January 2021 and January 2023.