European Commission Adopts EU Taxonomy and Other Measures to Facilitate Sustainable Transition

Mayer Brown - Energy Forward
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Mayer Brown - Energy Forward

On April 21, 2021, the European Commission adopted a comprehensive package of measures to help improve the flow of money toward sustainable activities across the European Union.

The measures adopted include:

The EU Taxonomy Climate Delegated Act, which aims to support sustainable investment by making it clearer which economic activities most contribute to meeting the EU’s environmental objectives. The College of Commissioners today reached a political agreement on the text. The delegated act will be formally adopted at the end of May once translations are available in all EU languages. A communication, also adopted by the College today, sets out the Commission’s approach in more detail.

A proposal for a Corporate Sustainability Reporting Directive (CSRD). This proposal aims to improve the flow of sustainability information in the corporate world. It would make sustainability reporting by companies more consistent so that financial firms, investors and the broader public will have comparable and reliable sustainability information.

Finally, six amending delegated acts on fiduciary duties, investment and insurance advice. These will ensure that financial firms, e.g., advisers, asset managers and insurers, consider sustainability in their procedures and include it in their investment advice to clients.

The measures, a related press release, frequently asked questions and fact sheets are available on the Commission’s website at the link below.

https://ec.europa.eu/info/publications/210421-sustainable-finance-communication_en

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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