Schleweis: "Sustainability needs a good balance between ecology, economy and social responsibility"

Helmut Schleweis, President of the German Savings Banks Association (DSGV), described the "European Green Deal" presented today by the European Commission to the European Parliament as an "important step into the future". Climate protection is one of the major social challenges of our time, and there is a need for action at all political levels, from the EU to the member states and local authorities.

"If we want to make good progress, climate protection cannot be seen in isolation. Sustainability needs a good balance between ecology, economy and social responsibility", Schleweis said.

He warned against overburdening banking regulation with climate protection targets. "The aim of financial regulatory measures is and will remain the effectiveness and stability of the financial system," Schleweis said.

Extended disclosure requirements for "green" financial products must not become a bureaucratic monster for customers and institutions. Reporting obligations on non-financial information are already very extensive. "A proportionate cost-benefit assessment is particularly necessary for small and medium-sized enterprises. More effective cooperation between politics and economy needs to be found in order to advance sustainability and climate protection".