Finance On 8 March, the European Commission (EC) published its Action Plan on Sustainable Finance, setting out a roadmap for upcoming actions regarding sustainable finance. Strategy for financing the transition to a sustainable economy The new sustainable finance strategy aims to support the financing of the transition to a sustainable economy by proposing action in four number of areas: transition finance, inclusiveness, resilience and contribution of the financial system and global ambition. In May 2018, the Commission released the first legislative package under the action plan. Sustainable finance is a strategic priority area in EIOPA’s work programme 2022-2024, and the Commission’s Strategy for financing the transition to a sustainable economy encapsulates work by EIOPA in delivering on the Green Deal. In January 2021, European financial supervisory authorities (the “ESAs”) requested the European Commission (the “Commission”) to clarify key areas of uncertainty regarding the scope and application of the Sustainable Finance Disclosure Regulation (the “SFDR”), which we discussed in more detail in our previous Alert. In March 2018, the European Commission adopted an action plan on sustainable finance as part of a strategy to integrate environmental, social and governance considerations into its financial policy framework and mobilise finance for sustainable growth. The Strategy builds on the 2018 Action Plan and establishes four main areas in which action is needed to support the economy’s transition towards sustainability: Financing the transition of the real economy towards sustainability; Maroš Šefčovič, Vice President of the European Commission, launched the interest group in 2017 to make Europe a global leader in sustainable … The European Securities and Markets Authority (ESMA) has published its technical advice to the European Commission (EC) on Sustainable Finance initiatives to support the EC’s Sustainability Action Plan in the areas of investment services and investment funds. The yearly gross salary for every Postdoctoral Researcher at the UL is EUR 77.167,08 (full time) The University is an equal opportunity employer. Market participants have welcomed the European Commission’s new sustainable finance strategy and green bond proposal for closing gaps from the original plan in 2018. The proposed European Green Bond Standard aims to help facilitate the financing of sustainable investments through the creation of a ‘gold standard’ for how companies and public authorities can use green bonds to raise funds on capital markets, while meeting rigorous sustainability requirements and protecting investors from greenwashing. A revised strategy published by the European Commission sets out a long list of additional actions to finance the transition to sustainability, strengthening the financial sector’s resilience to risks and combatting greenwashing. The European Commission Unveils New Sustainable Finance Package By Latham & Watkins LLP on June 14, 2021 Posted in Environmental, Social and Governance (ESG) The package focuses on material sustainability reporting and disclosure obligations, as the EU looks to direct capital toward sustainable activities. In the context of the European Commission’s upcoming proposal, the European Parliament has adopted a non-legally binding report, setting out its recommendations for what a sustainable corporate governance framework could look like. The sustainable financing markets must mirror the sustainable developments in the real economy and be able to finance and support that development without too many limitations. The European Commission (Commission) has published a number of legislative and regulatory initiatives in the context of its Sustainable Finance Action Plan.The aim of the Sustainable Finance Action Plan, which was first presented in 2018, is to channel more investment towards sustainable activities. Joint Committee. The EESC strongly supports the goal of redirecting investments in such a way that they contribute to the EU's transition to a sustainable economy but calls for the social partners and civil society to be brought better on board in the design and implementation of sustainable finance. Analytical cookies help us improve our website by providing insight on how visitors interact with our site, and necessary cookies which the website needs to function properly. On 6 July 2021, the European Commission (the Commission) published its Renewed Sustainable Finance Strategy ( RSFS ). The European Commission's Action Plan aims to1: Reorient capital flows towards sustainable investment in order to achieve sustainable and inclusive growth; Manage financial risks stemming from climate change, resource depletion, environmental degradation and social issues; and. The four proposals … European green bond standard In the run-up to COP26, countries are setting ambitious climate targets, and there is an increased appetite for sustainable finance products as well as a growing focus on the global convergence of standards. Future EC actions include the following: • Establishing a taxonomy to define what is sustainable and identify areas where sustainable investment can make the biggest impact. In July 2021, the European Commission published a Renewed Sustainable Finance Strategy. The initiative on sustainable finance started within the context of the EU’s Capital Markets Union initiative, and is supported at the highest level within the Commission. Almost a decade on from the global financial crisis, the European Commission last March showed its resolve to become a global sustainable finance leader by unveiling its Action Plan: Financing Sustainable Growth. The CWG, announced in ESMA’s Sustainable Finance Roadmap 2022-24, will provide technical input into various areas of ESMA’s work on sustainable finance under the CNS.Therefore, ESMA is seeking experts from a variety of backgrounds and the different segments of the sustainable investment value chain, as well as with diverse expertise relating to one or more of the … resolution on s ustainable finance. During this period, the European Commission(EC) and the colegislators further - accelerated the development of initiatives on EU sustainable finance, including the development of a broad ranging strategy on sustainable finance by the EC last July: 2 (hereafter ‘2021 EC Strategy’). The initiatives include ones previously heralded and new ones, and will impact issuers, banks, insurers, asset managers and credit rating agencies (CRAs). On 8 April, the European Commission launched a public consultation on a renewed sustainable finance strategy. Reference SFDR EC Q&A. This made it possible to devote the necessary human resources from several Commission Directorates-General. COVID-19 pandemic. The report underlines that the present voluntary corporate due-diligence regime – governed by the Non-Financial Reporting … We offer an exciting international and multilingual research environment, excellent research facilities, and generous research funding. This website uses cookies. Hearing on Sustainable Finance - Ways forward after the Commission Action Plan A sound system of financing sustainable growth, with a long-term approach, is the most important driver for restoring trust in the markets and connecting savings to sustainable investments, providing complementary sources of funding for SMEs and strengthening green and social infrastructure … The European Commission adopted an Action Plan on Sustainable Finance in March 2018. Overview of sustainable finance A Commission workstream that supports the European green deal aim of channelling private investment towards the transition to a climate-neutral economy. First, the new Sustainable Finance Strategy sets out several initiatives to tackle climate change, and other environmental challenges, while increasing investment – and the inclusiveness of small and medium-sized enterprises (SMEs) – in the EU’s transition towards a sustainable economy. ESMA submits technical advice on Sustainable Finance to the European Commission. The European Securities and Markets Authority (ESMA) has published its technical advice to the European Commission (EC) on Sustainable Finance initiatives to support the EC’s Sustainability Action Plan in the areas of investment services and investment funds. The European Commission (the “Commission”) recently issued the long-awaited answers to questions raised by the European Supervisory Authorities earlier this year on the Regulation on Sustainability-related Disclosures in the Financial Sector (“SFDR”). The EC consults on a very broad range of topics to revise a sustainable finance strategy, also building on the 2018 Action Plan on Financing sustainable growth. The RSFS follows the Commission’s 2018 Sustainable Finance Action Plan, which aimed to channel more investment towards … The Sustainable Finance Strategy includes six sets of actions: Extend the existing sustainable finance toolbox to facilitate access to transition finance Improve the inclusiveness of small and medium-sized enterprises (SMEs), and consumers, by giving them the right tools and incentives to access transition finance. Members of the European Parliament largely supported the Commission's initiative, agreeing on the essential role of the financial sector as regards sustainability and on the need for policies aimed at correcting market failures. EU taxonomy for sustainable activities What the EU is doing to create an EU-wide classification system for sustainable activities. This would make Europe the first climate-neutral continent. Section. The Sustainable Finance Disclosure Regulation ( SFDR) is a European regulation introduced to improve transparency in the market for sustainable investment products, to prevent greenwashing and to increase transparency around sustainability claims made by financial market participants. The European Commission adopted on 21 April 2021 an ambitious and comprehensive package of measures to help improve the flow of money towards sustainable activities across the European Union. Furthermore, markets for sustainable financial new The initiative on sustainable finance started within the context of the EU’s Capital Markets Union initiative, and is supported at the highest level within the Commission. The European Commission (Commission) has published a number of legislative and regulatory initiatives in the context of its Sustainable Finance Action Plan. The aim of the Sustainable Finance Action Plan, which was first presented in 2018, is to channel more … 07.07.2021 By Shanny Basar. The final report on EU taxonomy, developed by the Technical Expert Group (TEG) on Sustainable Finance, contains recommendations relating to the overarching design of the Taxonomy, as well as guidance on how companies and financial institutions can make disclosures using the taxonomy. Transition finance is a key goal of the EU sustainable finance agenda . Bioeconomy. support the European Green Deal aims, as well as an inclusive and sustainable recovery from the . On 29 May 2018, the European Parliament adopted a . Yesterday (21 April 2021), the European Commission (EC) adopted its ambitious and comprehensive package of measures to mobilize investments towards sustainable activities to ensure that the EU reaches its 2050 decarbonisation goals and becomes a global leader in setting standards for sustainable finance. Sustainability demands have evolved Climate change and environmental degradation are … In December 2019, Commission President Ursula von der Leyen presented the “European Green Deal,” which aims to reduce net emissions of greenhouse gases in the European Union to zero by 2050. Sustainable finance. In March 2018, the European Commission published its Action plan on Financing Sustainable Growth, setting an EU strategy on sustainable finance and a roadmap for future work across the financial system. The European Commission’s new sustainable finance strategy is ambitious in both substance and timeline, but some commentators say it does not go far enough. Most companies are at different stages in their transition journey towards low-carbon and sustainable activities. In March 2018, the European Commission presented an action plan on sustainable finance, in order to facilitate investments in sustainable projects and assets across the EU. The Commission is also coordinating international efforts through its International platform on sustainable finance. Keep up-to-date: check the latest steps for sustainable finance Within the framework of the European green deal, the Commission announced a renewed sustainable finance strategy. The European Commission is clearly hoping that its new sustainable finance package will establish the EU as a global standards leader. On the back of this plan, the EBA prepared … Published: 16 Jul 2021. 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