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German financial sector wants more say on government's sustainable finance plan

German banks, insurers and asset managers seek greater involvement in the decision-making process on the government's sustainable finance agenda, Börsen-Zeitung reported.

Sector lobby groups represent just a small part of the 38-person committee advising the government on the allocation of hundreds of billions of euros in climate initiatives, and they do not have voting rights.

The financial sector is not involved enough for the new project to be successful, Christian Ossig, head of the German bank association BdB, said ahead of the upcoming sustainable finance summit in Frankfurt on Oct. 16.

Thomas Richter, head of the German investment and asset management association BVI, also said there is not enough sector representation in the sustainable finance committee, according to the Oct. 15 report. His comment was echoed by Klaus Wiener, a management board member of the German insurance association GDV. Wiener said the government should not pass on sector expertise if Germany is to become a leading sustainable finance center.