A sustainable finance framework that works on the ground

Summary:

Communication adopted by the European Commission on 13 June 2023, providing the overview of an legislative package put forward to build on and strengthen the foundations of the European Union's (EU) sustainable finance framework.

Further information:

The EU’s sustainable finance agenda aims to support companies and the financial sector by encouraging private funding of transition projects and technologies and facilitating financial flows to sustainable investments. The existing framework include the adoption of the Taxonomy Regulation, the Sustainable Finance Disclosure Regulation (SFDR), the EU climate benchmarks in the Benchmark Regulation, the European Green Bond Regulation, and the Corporate Sustainability Reporting Directive (CSRD).

This Communication outlines the reasoning behind a legislative package that seeks to build on the existing framework. It comprises:

• EU Taxonomy Delegated Acts;
• Regulation on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities;
• Commission Recommendation on facilitating finance for the transition to a sustainable economy.

• Primary Source

Commentary and Analysis

E3G: Press Release, 08/06/22023: New EU Commission Sustainable Finance Package https://www.e3g.org/news/new-eu-commission-sustainable-finance-package/

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News

EurActiv, 12/06/2023: Biodiversity offsets under fire as EU updates green finance taxonomy https://www.euractiv.com/section/energy-environment/news/biodiversity-offsets-under-fire-as-eu-updates-green-finance-taxonomy/

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Official

EUR-LEX: SWD(2023)209: Staff Working Document accompanying the Communication - Enhancing the usability of the EU Taxonomy and the overall EU sustainable finance framework https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=SWD:2023:209:FIN

European Commission: Sustainable finance https://finance.ec.europa.eu/sustainable-finance_en

European Commission: Publications: Sustainable finance package https://finance.ec.europa.eu/publications/sustainable-finance-package-2023_en

European Commission: Press Release, 13/06/2023: Sustainable Finance: Commission takes further steps to boost investment for a sustainable future https://ec.europa.eu/commission/presscorner/detail/en/ip_23_3192

European Commission: Questions and Answers on the Sustainable Finance package (13 June 2023) https://ec.europa.eu/commission/presscorner/detail/en/qanda_23_3194

European Commission: Remarks by Executive Vice-President Dombrovskis and Commissioner McGuinness at the press conference on the sustainable finance package (13 June 2023) https://ec.europa.eu/commission/presscorner/detail/en/speech_23_3258

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