Insurance Europe has today published its response to a consultation by the European Commission on a European Single Access Point (ESAP) for environmental, social and governance (ESG) data.
Robust, comparable and reliable ESG data is vital for identifying and assessing sustainability risks in insurers’ activities and is necessary to enable investors to steer their portfolios towards sustainability objectives, in line with the Paris Agreement and the European Green Deal.
Unfortunately, the availability of reliable public ESG data is currently limited and should be improved. A centralised ESAP would therefore help to achieve better comparability, increased transparency and lower barriers and costs, as well as help data preparers by eliminating multiple different requests for information.
The ESAP should therefore be established as soon as possible. It is an important initiative of the Capital Markets Union action plan, which Insurance Europe fully supports.
Moreover, the ESAP should:
Furthermore, the timeframe for the ESAP implementation should be aligned with the development of other reporting obligations and the respective interfaces.