Maria van der Heide, Head of EU Policy at ShareAction, commented:

“We’re encouraged by Albuquerque’s acknowledgment that the EU must stay at the forefront of sustainable finance, and her focus on the need for a future-fit EU economy and financial sector that promote both environmental and social sustainability. However, her silence on the urgency of the climate crisis is concerning, especially given her priority on financial stability. The financial sector continues to profit from investments that fuel extreme weather and social harm while posing significant risks to the stability of the financial system. Today's hearing fell short of offering the bold commitment and concrete actions needed to address these interconnected risks head-on.

"It's positive that Albuquerque aims to simplify the sustainable finance framework rather than deregulate, but streamlining must not lead to lower standards. We must ensure that simplification does not compromise on Europe's climate and social goals nor delay much-needed action to secure a sustainable future.

"Albuquerque's pledge to tackle greenwashing through clearer standards for sustainability labeling is a step in the right direction. Reliable, robust product categories with clear criteria are essential so that sustainability claims reflect real impact. But sustainable finance must go beyond disclosure requirements to drive systemic change.

"We look forward to seeing further details on how she will embed climate and social goals across her portfolio – a priority we see as essential for protecting people and the planet.”