Umweltzeichen
The Austian Eco-label aims to raise consumer awareness of the desirability of buying environmentally friendly products and services and rewards mutual funds that implement management policies that benefit the environment and Society.
Summary data :
| label | ID | Topic | Description | Mode | Enabled | Order |
|---|---|---|---|---|---|---|
| Umweltzeichen | 5 | Label | Umweltzeichen | t | 1 | 1 |
| Umweltzeichen | 5 | Nationality | Austria - German/English | t | 1 | 3 |
| Umweltzeichen | 5 | Management | Austrian ecolabel aimed at products and services sold in Austria | t | 1 | 4 |
| Umweltzeichen | 5 | Label Type | SRI | t | 1 | 5 |
| Umweltzeichen | 5 | Website | https://www.umweltzeichen.at/en/products/sustainable-finance | t | 1 | 7 |
| Umweltzeichen | 5 | Market | The label mainly covers German-language funds sold in Austria | t | 1 | 8 |
| Umweltzeichen | 5 | Products | 289 to September 2024 | t | 1 | 9 |
| Umweltzeichen | 5 | Links to funds | https://www.umweltzeichen.at/en/products/sustainable-finance | t | 1 | 10 |
| Umweltzeichen | 5 | Criteria | https://www.umweltzeichen.at/file/Guideline/UZ%2049/Long/UZ49_R5a_Sustainable%20Financial%20Products_2020_EN.pdf | t | 1 | 15 |
| Umweltzeichen | 5 | Periodicity | 4 years with annual verification of requirements | t | 1 | 21 |
Analytical data :
| label | ID | Topic | Description | Mode | Enabled | Order |
|---|---|---|---|---|---|---|
| Umweltzeichen | 5 | Description | The Austian Eco-label aims to inform and raise awareness of the desirability of buying environmentally friendly products and services and rewards mutual funds that benefit the environment and Society. | d | 1 | 6 |
| Umweltzeichen | 5 | Genesis and development | The Austrian Ecolabel was established in 1990 at the initiative of the Federal Ministry of the Environment and has also evaluated financial products since 2004; for more than 30 years it has been promoting environmental and climate protection to Austrian consumers in all economic sectors, from tourism to industrial products, in coordination with the European Union. | d | 1 | 11 |
| Umweltzeichen | 5 | Goals | The Austrian Ecolabel is awarded to products and services that represent the most environmentally friendly options within a range of comparable products; it is intended to ensure a high standard of quality for the environment so that consumers can make sustainable choices in their investment decisions | d | 1 | 12 |
| Umweltzeichen | 5 | Promoters and administrators | The relevant institution is the Federal Ministry for Climate Action, Environment, Energy, Mobility, Innovation and Technology (BMK), accompanied by the Austrian Consumers' Association (VKI), which is responsible for the development and administration of the Ecolabel guidelines, which form the basis for awarding the certification | d | 1 | 13 |
| Umweltzeichen | 5 | SRI Approach | In order to obtain the label, funds will have to meet mandatory criteria, (exclusion of certain activities, regulatory screening and general eligibility conditions) and optional criteria, evaluated on the basis of a scoring system with a 70% barrier threshold (e.g., thematic approaches, Engagement, social aspects ) | d | 1 | 14 |
| Umweltzeichen | 5 | Mandatory Criteria | The fund establishes mandatory minimum criteria at the methodological level to ensure independent management of ESG components, which at the level of ESG strategies to be activated : Exclusions (nuclear, fossil fuels, armament, GMOs), Regulatory Screening (on Society and states that violate international treaties, human rights, or risk causing serious damage to the environment and fuel corruption) and a best-practice approach are required, as well as conditions of transparency (adhere to EUROSIF's Transparency code) and ongoing monitoring of Portfolio ; in addition, a minimum score is required on optional criteria | d | 1 | 16 |
| Umweltzeichen | 5 | Additional criteria | The Label encourages a 360-degree approach to sustainability: optional criteria include both environmental, social, and governance issues, and the fund must score at least 70 percent to obtain the label. The main factors examined are : Thematic or impact approaches related to the Environment and Energy Transition (energy efficiency, resource use, biodiversity, pollution, sustainable food, or green bonds), social aspects, and Engagement policies (approach through dialogue and through voting at the meeting particularly on ESG issues). | d | 1 | 17 |
| Umweltzeichen | 5 | Allocation process | Applications for the label are sent to the Austrian Consumer Information Association (VKI), which coordinates the requirements validation process. Applicants can be Society from the financial sector (banks, SGRs, companies issuing green bonds) domiciled in Austria or elsewhere. | d | 1 | 20 |
| Umweltzeichen | 5 | External certification | Each fund must be certified annually, and upon expiration of the term for the label's validity, renewal will be granted only after verifying that it continues to meet the necessary criteria | d | 1 | 22 |
| Umweltzeichen | 5 | Focus on transparency | Funds must adhere to Label Transparent and provide detailed information about their ESG policy, organization and projects, and publish Portfolio at least twice a year. In addition, they must publish an annual report outlining sustainability benefits in the three ESG dimensions with special reference to new ecologically impactful projects. | d | 1 | 23 |
| Umweltzeichen | 5 | Focus on periodic checks | Compliance with the criteria is monitored annually by the label ; in addition, Label holders must ensure that the transparency questionnaire (Transparent) is updated and submitted to the local antenna of EUROSIF according to the procedure provided by the Label. | d | 1 | 24 |
| Umweltzeichen | 5 | Related parties | The responsible Federal Ministry (BMK) of "Austrian ecolabel" is also responsible for the "EU Ecolabel" labeling of Austrian products, the European environmental excellence label for products and services that meet high environmental standards throughout their life cycle: from raw material extraction, production, distribution, repair and disposal. | d | 1 | 25 |
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