Appendix I
Appendix II Interview Introduction Sheet
RESEARCHER:
Tessel Koopal 2 January 1998
MSc Political Science (specialization:
Public Policy and Governance) University of Amsterdam
Research Supervisor:
Dr. Kidjie Ian Saguin k.i.saguin@uva.nl
Assistant Professor in Public Policy and Governance at University of Amsterdam
If you would like to participate or have any further questions, please do not hesitate to reach out via email or get in touch on LinkedIn.
tessel.koopal@student.uva.nl www.linkedin.com/in/tessel-koopal
Project:
EU Sustainable Finance Agenda: A Hoax or Smart Strategy?
Interview Introduction Sheet
RESEARCH OVERVIEW:
I am conducting research on the EU Sustainable Finance strategy. This extremely ambitious agenda has helped the EU demonstrate global leadership by translating broader objectives of the Paris Agreement into a mix of policies that together seek to create an economic system that operates within planetary boundaries. However, it is interesting that while the goals of the strategy demonstrate ambition to transform towards a sustainable economy, the instruments to achieve those goals are predominantly focused on increasing transparency and disclosure. Given the urgency of the climate crisis, I wonder why the EU adopted these policy instruments as opposed to ‘harder’ or more binding measures.
Research question: What factors explain the incongruence between the goals and instruments of transformative sustainable finance policy mixes?
WHY AM I CONTACTING YOU?
I believe your expert knowledge through your work as [INSERT RELEVANT POSITION AND AFFILIATION] will provide me with excellent insights to further my research analysis. These insights will be supplemented with analysis of relevant policy documents.
INTERVIEW INFORMATION AND DATA PROCESSING
The interviews are voluntary and can be anonymized. I will record the interview if allowed. The transcripts of the interview will be handled discretely, stored securely, and deleted following completion of the research project.
The interview will take approximately 20-30 minutes and can be conducted over Zoom video call (or any other preferred software), phone call, in-person, or via email. Interview questions will be shared prior to the interview.
Interview Guides
Index 1 EU Sustainable Finance
Expert/Academic
Frédéric Hache 11-04-2022 p.71
2 EU Policymaker Paulina Dejmek Hack 11-04-2022 p.72
3 EU Sustainable Finance Policy Expert
Victor van Hoorn 20-04-2022 p.72 4 Business Interest Group
Representative
Carolina Vigo 29-04-2022 p.73
5 Financial Sector Interest Group Representative
Zoé van Hamme 05-05-2022 p.74
Interview 1
EU Sustainable Finance Expert/Academic Frédéric Hache
Conducted on 11 April 2022 at 14:00-14:50 via Zoom Nr. Question
1 Could you please explain your position as executive director at the Green Finance Observatory and your specific work activities in relation to the EU Sustainable Finance Agenda?
2 What is your general opinion on the EU Sustainable Finance agenda and its potential to contribute to a net-zero economy by 2050?
3 What is your viewpoint on the three main instruments of the agenda (Taxonomy, EU Climate Benchmarks, and SFDR)?
4 The instruments that are part of the EU Sustainable Finance agenda are focused on increasing transparency and disclosure. Could you describe if (and how or how it does not) contribute to a more sustainable/green economy?
5 Could you explain your opinion on the outcome of the renewed sustainable finance strategy in 2021 and your viewpoint on whether that is significantly more rigorous than the initial 2018 Action Plan package?
6 You participated in the EU Consultation on this renewed strategy, and you physically met with Members from Frans Timmerman’s Cabinet, could you explain what was discussed during those meetings and your opinion on the outcome of these meetings and consultation participation?
7 Do you believe that organizations like the Green Finance Observatory are adequately involved and heard in the EU?
8 Could you describe your view on the future of sustainable finance in Europe?
a. Will it enact the change that is necessary to accomplish the goals of the EU Green Deal? b. What are the challenges?
Interview 2
EU Commission (DG FISMA) Policymaker Paulina Dejmek Hack
Conducted on 11 April 2022 at 14:00-14:50 via Zoom Nr. Question
1 Could you please explain your position as executive director at the Green Finance Observatory and your specific work activities in relation to the EU Sustainable Finance Agenda?
2 What is your general opinion on the EU Sustainable Finance agenda and its potential to contribute to a net-zero economy by 2050?
3 What is your viewpoint on the three main instruments of the agenda (Taxonomy, EU Climate Benchmarks, and SFDR)?
4 The instruments that are part of the EU Sustainable Finance agenda are focused on increasing transparency and disclosure. Could you describe if (and how or how it does not) contribute to a more sustainable/green economy?
5 Could you explain your opinion on the outcome of the renewed sustainable finance strategy in 2021 and your viewpoint on whether that is significantly more rigorous than the initial 2018 Action Plan package?
6 You participated in the EU Consultation on this renewed strategy, and you physically met with Members from Frans Timmerman’s Cabinet, could you explain what was discussed during those meetings and your opinion on the outcome of these meetings and consultation participation?
7 Do you believe that organizations like the Green Finance Observatory are adequately involved and heard in the EU?
8 Could you describe your view on the future of sustainable finance in Europe?
a. Will it enact the change that is necessary to accomplish the goals of the EU Green Deal? b. What are the challenges?
Interview 3
EU Sustainable Finance Expert Victor van Hoorn
Conducted on 20 April 2022 at 9:00-9:30 via Microsoft Teams Nr. Question
1 Could you please introduce yourself and describe your specific work activities at the European Sustainable Investment Forum and your work in relation to the EU
Sustainable Finance Strategy?
2 In the last few years, the (EU) Sustainable Finance agenda has moved quickly from being a niche market to a more mainstream market. Could you describe which factors, in your view, influenced this speedy transition?
3 Following the launch of the EU Green Deal, the European Commission renewed the Action Plan on Sustainable Finance. What is your view on this ‘renewed’ strategy?
4 Currently, the instruments implemented to achieve the EU Sustainable Finance goals are focused on increasing transparency and disclosure (SFDR, Taxonomy, Climate Benchmarks etc.). Could you describe your opinion on why and how such
harmonization is important in order to achieve a transition towards a more sustainable economy in the EU? Wouldn’t more binding legislation that actually moves capital towards sustainable investments be better?
5 Do you also think that these are instruments that were easy to implement because they existed already but then in different contexts? Disclosure requirements etc.
6 Could you describe the role of ‘outside actors’ in the process of designing the EU Sustainable Finance agenda? Were any of them more involved than others? What about Member States?
7 Could you describe any (future) challenges regarding this strategy?
8 Do you believe that these policy efforts by the EU Commission will be sufficient to achieve the necessary shift towards a sustainable economy? Or do you have
additional policy recommendations that you deem necessary to achieve that goal?
Interview 4
Business Interest Group Representative Carolina Vigo
Conducted on 29 April 2022 at 9:00-9:40 via Zoom Nr. Question
1 Could you please briefly introduce yourself and describe your specific work activities at BusinessEurope and your work in relation to the EU Sustainable Finance Strategy?
2 Could you describe your/BusinessEurope’s overall view on the EU Sustainable Finance strategy?
3 In the last few years, the (EU) Sustainable Finance agenda has moved quickly from being a niche market to a more mainstream market. Could you describe what BusinessEurope’s viewpoints are on this transition? Which factors do you think influenced this quick transition?
4 The EU Sustainable Finance Agenda was first initiated in 2016 when the EU Commission appointed the High Level Expert Group on Sustainable Finance and subsequently launched the Action Plan on Sustainable Finance. When did sustainable finance become an agenda topic for BusinessEurope? Before, after or around then?
5 Does BusinessEurope often participate in EU consultations or engage in other ways with the Commission? In specific on the sustainable finance topic?
6 What is your experience with engaging with the EU lawmaking process? Do you think lawmakers listen to BusinessEurope’s viewpoints?
7 With regards to the future of the Sustainable Finance strategy in the EU, what future developments do you anticipate?
Interview 5
Financial Sector Interest Group Representative Anonymous Respondent
Conducted on 29 April 2022 at 9:00-9:40 via Zoom Nr. Question
1 Could you please briefly introduce yourself and describe your specific work activities at X and your work in relation to the EU Sustainable Finance Strategy?
2 In the last few years, the (EU) Sustainable Finance agenda has moved quickly from being a niche market to a more mainstream market. Could you describe what X’s viewpoints are on this transition?
3 Following the launch of the EU Green Deal, the European Commission renewed the Action Plan on Sustainable Finance. X participated in the public consultation for this renewed strategy and indicated that “no further policy action is needed.” Could you explain why this was X’s argument and whether this has changed since then?
4 The EU Sustainable Finance Agenda was first initiated in 2016 when the EU Commission appointed the High Level Expert Group on Sustainable Finance and subsequently launched the Action Plan on Sustainable Finance. Was X already working on this issue at that time or when did this become part of your agenda?
5 What about your members and/or similar interest group organizations?
6 Does X often participate in EU consultations? If yes, on what topics?
7 Does X also engage in other ways? For instance, official or unofficial meetings with EU officials, submission of position papers, engaging with other similar interest groups?
8 Do you find these consultations to be useful? Do policymakers listen to your viewpoints?
9 With regards to the future of the Sustainable Finance strategy in the EU, what would X like to see?
Appendix III
Document Analysis Operationalization Guide
Protocol: Thematic analysis guided by a deductive approach with preliminarily
established codes. Coding may develop while analyzing. The analysis will be thematic with a manual coding approach.
LABEL: policy mi
Indicator Description
Policy mix Multiple policy objectives, principal
plans, and instruments as highlighted by Rogge and Reichardt’s (2016) extended framework for policy mixes.
LABEL: incongruence
Indicator Description
Indirect instruments • Reference to build upon, expand, upgrade, enlarge or amend existing instruments or frameworks;
• When it wants to create incentives to mobilize capital;
• Reference to disclosure and transparency instruments.
LABEL: path dependence
Indicator Description
“Positive perceptual bias” • Conditional requirement: There have to be other viable policy alternatives.
LABEL: stakeholder influence
Indicator Description
Stakeholder interaction • Individual or group with organizational affiliations.
Reference to direct consultation or discussion with specific stakeholders including: EC officials/policy officers, MEP’s, TEG/Platform on Sustainable