Greenfin Project Concludes with Insights on Sustainable Finance

The Greenfin project, an initiative examining the financial sector’s role in driving the green transition, wrapped up last week with a final conference in Bergamo, Italy. Launched in August 2022, the project's driving idea stems from the recognition that enhancing protections for workers within multinationals in the financial sector must involve the coordinated action of European Works Councils (EWCs) and trade unions.

Collaboration for Sustainability

Led by the Italian union First-Cisl, with contributions from researchers at ADAPT and the University of Lodz, the project focused on transnational collective bargaining and the role of EWCs in supporting European banks' shift towards environmental and social responsibility. It involved compiling new research, conducting training sessions, and developing best practices and policy recommendations.

The Nordic Financial Unions (NFU) played a significant role in the initiative, providing valuable insights through interviews and surveys. Additionally, representatives from NFU's affiliates actively participated in two training sessions to better understand and exchange on issues related to the Green Economy and responsible finance.

Insights from the Final Conference

At the closing conference, researchers and coordinators highlighted the need for a balanced environmental and social sustainability approach. A significant insight shared by Sara Prosdocimi, a junior fellow at ADAPT and one of the researchers involved in this project:

The financial sector, through European regulations and contractual provisions, is evolving towards an integrated vision of sustainability that embraces both the environmental and social aspects of transition. In this context, the central role of social partners, social dialogue, and collective bargaining in ensuring that policies and practices are just both ecologically and socially emerges.

The project's findings and recommendations have been published in a book by ADAPT, offering a resource for policymakers, financial institutions, and trade unions.

The Importance of Social Dialogue

NFU is proud to have contributed to this vital project, advocating for policies and practices that ensure the financial sector's green transition is equitable and inclusive. Greenfin underscores the critical role of collective action and social dialogue in addressing the challenges of the green transition and creating a sustainable financial system.

Read the book with the findings and policy recommendations published by ADAPT University Press here: WORK AND SOCIAL TRANSITIONS IN THE GREEN DEAL ERA: PEOPLE, SKILLS AND COLLECTIVE BARGAINING