On October 25, 2023, the European Council adopted the European Green Bond Standard (EU GBS), a new voluntary regime for green bonds that aims to solidify the EU's position as a leader in sustainable finance, reduce...more
On September 20, 2023, the European Investment Bank (EIB) announced that it was developing a methodology to assess its clients’ exposure to nature-related impacts and risks. The EIB reinforced its commitment to address...more
The European Financial Reporting Advisory Group (EFRAG) and the Global Reporting Initiative (GRI) released a joint statement announcing the interoperability of their respective reporting standards, enabling companies subject...more
In September 2023, pan-European stock exchange and market infrastructure provider Euronext announced the imminent launch of a range of ESG tools and initiatives focused on sustainable finance, including its intention to...more
10/12/2023
/ Capital Markets ,
Climate Change ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
EU ,
Euronext ,
Green Finance ,
Investment ,
Investment Management ,
Popular ,
Sustainability ,
Sustainable Finance
On 14 September 2023, the European Commission published a targeted consultation and a public consultation on the implementation of Regulation (“EU”) 2019/2088 on sustainability-related disclosures in the financial services...more
On July 31, 2023, the European Commission adopted the long-anticipated European Sustainability Reporting Standards (ESRS) for use by all companies subject to the Corporate Sustainability Reporting Directive (CSRD). The...more
9/20/2023
/ Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Environmental Social & Governance (ESG) ,
EU ,
EU Directive ,
European Commission ,
Investment ,
Reporting Requirements ,
Sustainability ,
Sustainable Business Practices
In July 2023, the European Commission published its annual Strategic Foresight Report (the Report), focusing on how sustainability and people’s wellbeing can help to achieve President von der Leyen’s six priorities for the...more
On July 31, 2023, the European Commission announced its adoption of the European Sustainability Reporting Standards (ESRS) for companies subject to the Corporate Sustainability Reporting Directive (CSRD). The long-awaited...more
On June 2, 2023, the European Financial Reporting Advisory Group (EFRAG) issued a draft letter requesting comments on the International Sustainability Standards Board’s (ISSB) proposal to improve the international...more
On April 21, 2023 the European Commission approved a €401 million scheme proposed by the Czech Republic to promote green district heating from renewable energy and waste heat. The scheme represents another environmentally...more
On March 29, the European Financial Reporting Advisory Group (EFRAG) announced that it would start to develop additional guidance for sector-agnostic European Sustainability Reporting Standards (ESRS). In making this...more
As we have been regularly reporting, the European Union is pursuing major changes in its climate policy. The next significant development is a new legislative policy package, dubbed “Fit for 55.” The planned reforms would...more
The European Commission has launched a public consultation and a call for evidence seeking opinions on the EU’s intermediary climate targets for 2040. This is a scheduled step in the EU’s ambition to reach net-zero emissions...more
5/8/2023
/ Air Pollution ,
Climate Action Plan ,
Climate Change ,
Environmental Policies ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
Financial Transactions ,
Green Deal ,
Greenhouse Gas Emissions ,
Pollution Control ,
Public Consultations ,
Renewable Energy
On March 8, 2023, 25 organizations wrote to the European Commission concerning its treatment of agriculture in the forthcoming Taxonomy Delegated Act, urging them to follow the advice published by their own expert group. The...more
4/10/2023
/ Agribusiness ,
Climate Action Plan ,
Climate Change ,
EU ,
European Commission ,
Farms ,
Greenwashing ,
NGOs ,
Sustainability ,
Sustainable Business Practices ,
Sustainable Finance ,
Taxonomy
On March 13, 2023, the European Supervisory Authorities (ESAs) and the European Central Bank (ECB), published a Joint Statement on climate-related disclosure for structured finance products. In describing the need for such...more
4/3/2023
/ Climate Action Plan ,
Climate Change ,
EU ,
European Central Bank ,
European Supervisory Authorities (ESAs) ,
Financial Services Industry ,
Green Bonds ,
Investment ,
Investors ,
Securitization Standards ,
Structured Financial Products
On February 28, 2023 the Council of the European Union and the European Parliament reached a deal to draw up European Green Bonds Standards (“EUGBS”). The aim of the EUGBS is to establish the leading global framework for...more
On February 24, the European Commission granted approval under EU State Aid Rules for a German scheme supporting rail transport operators using electric traction. The €1.1 billion scheme will provide economic support for...more
On February 13, 2023, as part of the European Commission’s Strategy for financing transition to a sustainable economy, the European Banking Authority (EBA) launched an industry survey seeking input on green loans and...more
3/6/2023
/ Climate Action Plan ,
Climate Change ,
Environmental Social & Governance (ESG) ,
EU ,
European Banking Authority (EBA) ,
Financial Institutions ,
Financial Services Industry ,
Green Loans ,
Mortgages ,
Small and Medium-Sized Enterprises (SMEs) ,
Sustainable Finance
Environmental regulators and ministers from across the EU member states provisionally approved the introduction of the world’s first major carbon border tax, the Carbon Border Adjustment Mechanism (CBAM), which will require...more
1/3/2023
/ Carbon Emissions ,
Carbon Taxes ,
Climate Change ,
Emissions Trading System ,
Environmental Policies ,
EU ,
Exporters ,
Financial Services Industry ,
Foreign Corporations ,
Pollution Control ,
Regulatory Agenda ,
Regulatory Reform ,
Tax Rates