Description of PAS 7340:2020 2020

This PAS outlines a framework for, and guidance on, implementing principles and approaches to sustainable finance within financial services organizations. It establishes guiding principles and common terms and definitions related to sustainable finance which can help organizations to:

• develop their understanding of sustainable finance and determine the relevancy of the concept within the individual organization;

• understand what successful sustainable finance practices and activities might look like and how to apply them; and

• develop their own strategies and approaches to embedding sustainable finance in their policies, processes, practices, products, services and value chains.

It aims to facilitate understanding and collaboration within the global financial sector, and ultimately, the alignment of the sector with sustainability objectives. The framework is designed to facilitate global aspirations, by enabling individual organizations to identify, develop and maximize opportunities for addressing sustainability challenges, both in the short and long-term, and in a manner that allows the individual organization to adopt sustainable finance practices. It can be applied to all organizational activities.

This PAS is intended to be used by financial services organizations of any size and type, and may be particularly useful to small and medium-sized organizations. It is applicable to all organizations from across the financial sector, including:

• investment;

• banking;

• insurance;

• intermediaries (e.g. consultants and pensions advisers);

• private and public sector organizations (e.g. voluntary organizations);

• regulators;

• central and local government; and

• professional bodies.

It is also intended to be relevant to business partners and others who provide services and support to the sector.

NOTE This wider community could encompass, for example, independent advisers, trustees, premises management firms and accounting, legal, marketing and employment services providers alongside sector-specific actors such as claims management firms.

This PAS is not intended to be used directly by end consumers of financial products or employees of targeted organizations, but might be of use to such individuals when an organization communicates the steps taken to address sustainability challenges.

About BSI

BSI Group, also known as the British Standards Institution is the national standards body of the United Kingdom. BSI produces technical standards on a wide range of products and services and also supplies certification and standards-related services to businesses.