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The EU Ecolabel is an EU-wide label awarded to green products and services. A version of the label for retail financial products has been considered as an option to help retail investors make informed investment decision on the sustainability features of investment products. In this article we test three key Ecolabel criteria on a sample of 3 000 sustainability-oriented UCITS equity funds with EUR 1 trillion in assets under management. Using fund portfolio holdings and proxy data, we find that only 16 funds (0.5 % of our sample) meet the proposed minimum portfolio greenness threshold of 50 % and exclusion requirements. These findings highlight the trade-off between the stringency and feasibility of the Ecolabel requirements. The article further illustrates the impact of different threshold calibrations on the number of eligible funds and potential volumes of green finance channelled through Ecolabel funds. The analysis does not prejudge any policy developments or decisions regarding an EU Ecolabel for financial products.

Regard sur 2020, nouvelles tendances et pistes de réflexion Cette étude est le fruit d’une collaboration entre l’Institut Fédéral pour le Développement Durable (IFDD), l’Université d’Anvers et Forum Ethibel.