Umweltzeichen
The Austian Eco-label aims to make consumers aware 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 for 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 | 68 at the end of June 2022 | 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 make consumers aware of the opportunity to buy 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 founded in 1990 on the initiative of the Federal Ministry of the Environment and since 2004 it also evaluates financial products. For more than 30 years it has been promoting environmental and climate protection in all economic sectors, from tourism to industrial products, to Austrian consumers in coordination with the European Union. | d | 1 | 11 |
| Umweltzeichen | 5 | Objectives | The Austrian Ecolabel is awarded to products and services that represent the most environmentally friendly options within a range of comparable products; it aims 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 competent 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 the awarding of the certification. | d | 1 | 13 |
| Umweltzeichen | 5 | SRI approach | To obtain the label, funds will have to comply with mandatory criteria (exclusion of certain activities, regulatory screening and general eligibility conditions) and optional criteria, assessed on the basis of a scoring system with a 70% threshold (e.g. thematic approaches, engagement, social aspects). | d | 1 | 14 |
| Umweltzeichen | 5 | Mandatory Criteria | The fund establishes minimum mandatory criteria at the methodological level to ensure independent management of ESG components, and at the level of ESG strategies to be activated: Exclusions (nuclear, fossil energies, armament, GMOs), Regulatory Screening (on Society and states that violate international treaties, human rights, or risk causing serious damage to the environment and fuelling corruption) and a best-practice approach are required, as well as transparency conditions (adherence to the EUROSIF Transparency Code) and continuous monitoring of Portfolio ; a minimum score is also required for 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 validation process of the requirements. 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 expiry of the label period, renewal will only be granted after verification that it continues to meet the necessary criteria. | d | 1 | 22 |
| Umweltzeichen | 5 | Focus on transparency | Funds must adhere to the Transparent Label and provide detailed information on their ESG policy, organisation and projects and publish Portfolio at least twice a year. In addition, they must publish an annual report outlining the sustainability benefits in the three ESG dimensions with special reference to new projects with an ecological impact. | d | 1 | 23 |
| Umweltzeichen | 5 | Focus on periodic checks | Compliance with the criteria is monitored annually by the label; in addition, label holders must update the transparency questionnaire (Transparent) and submit it to the local EUROSIF antenna according to the label procedure. | d | 1 | 24 |
| Umweltzeichen | 5 | Related parties | The Federal Ministry responsible (BMK) for the "Austrian ecolabel" is also responsible for the "EU Ecolabel" labelling of Austrian products, the European environmental label of excellence 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 |
Umweltzeichen2022-08-102022-08-10https://www.positivefinance.com/wp-content/uploads/2021/11/positive-finance-logo-rgb.svgPositive Financehttps://www.positivefinance.com/wp-content/uploads/2021/11/unweltzeichen-logo-300.jpg200px200px
